HSBC Acqn in Australia

HSBC Holdings PLC
5 June 2002



  HSBC TO ACQUIRE CORPORATE BANKING AND TRADE FINANCE BUSINESS OF STATE STREET
                               BANK IN AUSTRALIA


HSBC Bank Australia Limited is to acquire the corporate banking and trade
finance business of State Street Bank and Trust Company's Global Trade Banking
Australia business for a A$2.3 million cash premium, which will be funded from
the bank's own capital.

The acquisition includes corporate net assets of about A$146 million and a
further A$242 million in undrawn credit lines, the majority of which are trade
finance related. The acquisition does not involve the purchase of a legal
entity.

Tim Slater, Head of Corporate Banking, said: "This acquisition fits logically
with our strategy of growing our share of Australia's upper and middle market
commercial business. State Street has established a high quality portfolio and
HSBC is exceptionally well placed, through our local presence in 81 countries
and territories, to meet the needs of companies involved in international trade
and to leverage future growth."

The transfer of business is expected to take place on 1 July 2002.



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