Director Shareholding

HSBC Holdings PLC
27 November 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

HSBC Holdings plc

2) Name of director

Sir John Kemp-Welch

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

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)

(i)Sir John Kemp-Welch 50,000

(ii)Greenwood Nominees Limited 361,800


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

The Dulverton Trust (Greenwood Nominees Limited)


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

Disposal of non-beneficial interest as Trustee


7) Number of shares/amount of stock acquired


8) Percentage of issued class


9) Number of shares/amount of stock disposed

25,000

10) Percentage of issued class

De minimis


11) Class of security

Ordinary Shares of US$0.50 each

12) Price per share

£8.665

13) Date of transaction

21 November 2003

14) Date company informed

26 November 2003

15) Total holding following this notification

411,800


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 27 November 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange