Director Shareholding

HSBC Holdings PLC
28 May 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

HSBC Holdings plc

2) Name of director

D G Eldon

3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

In respect of the Director

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)

HSBC Nominees (Hong Kong) Limited 46,220

Abacus Corporate Trustee Limited 271,357

5) Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)

In respect of the Director

6) Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary

Exercise of options under HSBC Holdings Executive Share Option Scheme and
disposal

7) Number of shares/amount of stock acquired

76,500

8) Percentage of issued class

De minimis

9) Number of shares/amount of stock disposed

76,500

10) Percentage of issued class

De minimis

11) Class of security

Ordinary Shares of US$0.50 each

12) Price per share

Acquisition/exercise of option

36,000 shares at 217.27p per share

40,500 shares at 333.34p per share

Disposal

76,500 shares at £7.12 per share

13) Date of transactions

27 May 2003

14) Date company informed

28 May 2003

15) Total holding following this notification

317,577

16) Total percentage holding of issued class following this notification

De minimis

If a director has been granted options by the company please complete the
following boxes

17) Date of grant


18) Period during which or date on which exercisable


19) Total amount paid (if any) for grant of the option


20) Description of shares or debentures involved: class, number


21) Exercise price (if fixed at time of grant) or indication that price
is to be fixed at time of exercise


22) Total number of shares or debentures over which options held
following this notification


23) Any additional information


24) Name of contact and telephone number for queries

Heather Nicol, Company Secretarial Assistant 020 7992 1505

25) Name and signature of authorised company official responsible for
making this notification

As in 24) above


Date of Notification 28 May 2003


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