CCF sells stake in Lixxbail

HSBC Holdings PLC
1 July 2002

The following text is the English translation of a news release issued in France
by HSBC Holdings plc's subsidiary.

              CCF SELLS STAKE IN LIXXBAIL GROUP TO CREDIT LYONNAIS

CCF has sold its 50 per cent stake in Lixxbail Group to Credit Lyonnais.

Lixxbail Group was created as a joint-venture in December 2000 by the merger of
Slibail and Loxxia, the asset leasing subsidiaries of Credit Lyonnais and CCF
respectively. At the end of December 2001, the company had net assets of EUR140
million.

With 76,000 clients and productive outstanding leases of EUR3.5 billion,
Lixxbail Group ranks second (by total value of outstanding leases) in the French
asset leasing market.

CCF and its subsidiaries will continue to be associated with the expansion of
Lixxbail Group, remaining a major commercial partner.



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