Director Shareholding

HSBC Holdings PLC
25 September 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 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-H Filippi, a director of HSBC Bank plc, currently holds options over 84,000
CCF shares which he is obliged, upon exercise, to exchange for 1,092,000 (84,000
x 13) HSBC shares.

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

HSBC Holdings plc - Ordinary Shares US$0.50 each

Date                Nature of transaction by the Trust          Consideration

24 September 2001   Transfer by Trust of 52,000 HSBC shares to  13 HSBC shares
                    individuals exercising options over 4,000   for each CCF
                    CCF shares.                                 share


At 24 September 2001 the Trust held a total of 39,149,475 HSBC shares.


I B Marshall 
020 7260 8177 (Extn. 38177)