Connected Transaction

HSBC Holdings PLC
15 April 2003


The following is the text of a paid advertisement to appear in the Hong Kong
press on 16 April 2003.

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents
of this announcement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this
announcement

Purchase of 50.03% of the capital of Societe des Cadres Banque Eurofin -
Connected Transaction

A subsidiary of HSBC Holdings plc has agreed to acquire 50.03% of the capital of
Societe des Cadres Banque Eurofin S.A.S.

CCF S.A. ("CCF"), a 99.99% owned subsidiary of HSBC Holdings plc, has agreed to
acquire 50.03% of the share capital of Societe des Cadres Banque Eurofin S.A.S.
("SDCBE") from a company ("GBP") owned by the Bartillat Family. SDCBE owns, as
its principal asset, 1.18% of the share capital of Banque Eurofin ("Eurofin"),
which is a private bank based in France whose main activities are fund and
wealth management.

CCF Holding (Suisse) S.A. and CCF Banque Privee Internationale, subsidiaries of
CCF, currently own 43.6% and 16.3% respectively of the share capital of Eurofin.
As previously announced on 4 February 2003 CCF will also acquire, in May 2003,
11.3% of the share capital of Eurofin from the Vallet Family and, as announced
on 9 April 2003, 11.81% from GBP and Mr Gerard de Bartillat with effect from 1st
 February 2006. The acquisition of shares from the Vallet family, Mr Gerard de
Bartillat, GBP and SDCBE will increase CCF's interest in Eurofin from 59.9% to
84.20%. The consideration for the acquisition of the 50.03% of SDCBE will amount
to € 1.43million (approximately HKD 11.97 million). Mr Gerard de Bartillat is a
Director and the Chief Executive Officer of Eurofin.

As the total consideration amount is within the de-minimis exemption if
aggregated with the other transaction with GBP and Mr Gerard de Bartillat, in
respect of connected transactions under Rule 14.25(1) of the Listing Rules,
details of the purchase of 50.03% of the share capital of SDCBE will be included
in the Company's next published annual report and accounts in accordance with
Rule 14.25(1)(A) to (D) of the Listing Rules.

Agreement date: 10 April 2003

Completion date: Completion took place on 10 April 2003

Vendor: GBP

Purchaser: CCF S.A. - a subsidiary of HSBC Holdings plc

Assets to be acquired: 50.03% of the share capital of SDCBE

Consideration: € 1.43 million (approximately HKD 11.97 million). This was
negotiated on normal commercial terms on an arms-length basis, based on
earnings, funds under management and discounted cash flow of Eurofin.

Payment terms: Payment has been made in cash on completion

Exchange rate: The Hong Kong dollar equivalent figures in this announcement have
been converted at a rate of €1 = HK$8.37

For and on behalf of

HSBC Holdings plc

R G Barber

Group Company Secretary

15 April 2003

HSBC Holdings plc

Incorporated in England with limited liability. Registered in England: number
617987

Registered Office and Group Head Office : 8 Canada Square, London E14 5HQ,
United Kingdom


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