HSBC CANADA ACQ INTESA CANADA

HSBC Holdings PLC
17 March 2004


                 HSBC BANK CANADA TO ACQUIRE INTESA BANK CANADA

HSBC Bank Canada has signed an agreement to acquire all the shares of Intesa
Bank Canada. Subject to regulatory approval, the acquisition is expected to
close on 31 May 2004.

Intesa Bank Canada, an Italian-owned foreign bank, has 11 branches serving
personal, commercial and corporate clients and, at 31 December 2003, had total
assets and net assets of C$1.1 billion and C$114 million respectively.

Lindsay Gordon, President and Chief Executive Officer of HSBC Bank Canada, said:
"HSBC Bank Canada was established in 1981 and has grown to become the 7th
largest bank and one of the leading international financial institutions in the
country. We are committed to providing excellent customer service and to growing
our core business operations across Canada. The acquisition of Intesa Bank
Canada will increase our presence in central Canada and strengthen our position
as an alternative to the big domestic banks."

Giacomo Ghillani, President and Chief Executive Officer of Intesa Bank Canada,
said: "After an extensive strategic review, Banca Intesa S.p.A. has decided to
sell its operations in Canada. We are delighted that HSBC Bank Canada has agreed
to acquire Intesa Bank Canada because we know that our customers and employees
will be treated well. HSBC is a multicultural, international bank with great
financial strength and a reputation for outstanding service. On behalf of Banca
Intesa, I thank our customers and employees in Canada for their support and I
wish them all the best for the future."

Lindsay Gordon added: "With an international network spanning 79 countries and
territories, HSBC offers its 110 million customers global expertise as well as
local knowledge. We look forward to welcoming the clients of Intesa Bank Canada
to the Group and to providing them with a continued high level of customer
service and an expanded range of financial products and services."

Rothschild acted as exclusive financial adviser to Banca Intesa.

Notes to editors:

1. About HSBC Bank Canada
HSBC Bank Canada (HSB.PR.A - TSX), a subsidiary of HSBC Holdings plc, is the
leading international bank in Canada with more than 160 offices across the
country. With over 9,500 offices in 79 countries and territories and assets of
US$1,034 billion at 31 December 2003, the HSBC Group is one of the world's
largest banking and financial services organizations. For more information about
HSBC Bank Canada and its products and services, visit www.hsbc.ca.

2. About Intesa Bank Canada
Intesa Bank Canada is one of Canada's largest full service foreign banks,
offering a wide range of everyday banking solutions to meet the financial needs
of personal, commercial and corporate clients. As a fully owned subsidiary of
Banca Intesa S.p.A., headquartered in Milan, Intesa Bank Canada is part of one
of Europe's oldest and largest financial institutions, with locations throughout
the world. With a network of 11 branches in Canada as well as electronic
delivery channels, we provide a broad array of banking products and financial
services. Our offerings range from account packages, mortgages and RRSPs to
commercial lending products and international banking services. We serve a
diverse clientele of individuals, small to mid-size companies, corporations and
multinationals. For more information see our website at www.intesa.ca.



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