Director Shareholding

HSBC Holdings PLC
9 August 2001


                 NOTIFICATION OF DIRECTORS' SHARE INTERESTS 
                          IN HSBC HOLDINGS PLC

Interests in shares of HSBC Holdings plc ('the Company') arising under sections
324 and 328 of the Companies Act 1985.

Following the acquisition of Credit Commercial de France (CCF) by HSBC Holdings
plc, outstanding options over CCF shares granted between 1994 and 1999 (for nil
consideration) have vested. Options granted over CCF shares in 2000 will vest in
2002. On exercise of the options, the CCF shares issued will become exchangeable
for ordinary shares in HSBC Holdings plc (HSBC shares) in the same ratio as for
the acquisition of CCF - 13 HSBC shares for 1 CCF share. The HSBC shares are to
be provided through the HSBC Holdings General Employee Benefit Trust (the
Trust), the Trustee of which is HSBC Trustee (C.I.) Limited.

Mr C F W de Croisset, a director of HSBC Holdings plc and HSBC Bank plc,
currently holds options over 186,000 CCF shares which he is obliged, upon
exercise, to exchange for 2,418,000 (186,000 x 13) HSBC shares.

As a beneficiary of the Trust, Mr de Croisset also has a technical interest in
all of the HSBC shares held by the Trust (including the HSBC shares which
corresponds to his options over CCF shares enumerated above) as follows:

HSBC Holdings plc - Ordinary Shares US$0.50 each

Date           Nature of transaction by the Trust                  Consideration

               Transfer by Trust of:

7 August 2001  93,600 HSBC shares to individuals exercising   13 HSBC Shares for
               options over 7,200 shares.                         each CCF share


At 7 August 2001 the Trust held a total of 39,224,225 HSBC shares.