HSBC completes acq of AM TeK

HSBC Holdings PLC
03 August 2003

                         HSBC COMPLETES ACQUISITION OF

                       ASSET MANAGEMENT TECHNOLOGY KOREA

Following HSBC's announcement on 1 July 2003 of an agreement to acquire 82.19
per cent of Asset Management Technology Korea Co., Ltd. (AM TeK), the Group has
now completed its acquisition of 78.05 per cent of the fund administrator and is
expected to complete the purchase of an additional 4.14 per cent by the end of
August 2003.

HSBC's acquiring entity, HSBC Asia Pacific Holdings (UK) Limited, is paying in
cash the consideration of KRW14.88 billion (US$12.62 million) for the 82.19 per
cent stake in AM TeK. HSBC has acquired the equity shareholdings in AM TeK from
Daehan Investment and Securities Co., Ltd., AM TeK's largest stakeholder, and
other shareholders.

With KRW29 trillion (US$24.5 billion) of assets under administration at 31 May
2003, AM TeK is the largest fund administrator in Korea's growing unit trust and
mutual fund market. AM TeK's client base includes a number of Korea's largest
investment trust management companies, asset management companies and foreign
fund managers.

The remaining 17.81 per cent will be held by AM TeK's existing shareholders.

Notes to editors:

1. HSBC in Korea

The HSBC Group's presence in Korea dates back to the late 1890s, when agencies
were established in Chemulpo (Inchon) and Seoul. The Group now has full branches
in Pusan and Seoul and is also represented in Korea by HSBC Insurance Brokers
(Asia-Pacific) Limited and HSBC Forfaiting (Asia) Pte Limited. HSBC in Korea
provides a broad range of banking services including custody and clearing,
trustee services, corporate and commercial banking, payments and cash
management, treasury and capital markets, trade services and personal financial
services.

2. The HSBC Group

The Hongkong and Shanghai Banking Corporation Limited is the founding and a
principal member of the HSBC Group which, with over 9,500 offices in 80
countries and territories and assets of over US$759 billion at 31 December 2002,
is one of the world's largest banking and financial services organisations.


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