HSBC Completes Turkey Acqn

HSBC Holdings PLC
19 September 2002

                      HSBC COMPLETES PURCHASE OF ADVANTAGE

HSBC Bank A.S. today completed the purchase of Benkar Tuketici Finansmani ve
Kart Hizmetieri A.S. and the Advantage brand from Boyner Holding A.S.

This follows the bank's announcement on 8 August that it had signed a sale and
purchase agreement for this acquisition for a consideration of up to US$75
million. Part of the consideration will be subject to the achievement of certain
pre-agreed performance targets in the next five years.

Benkar is the largest consumer finance and card services company in Turkey. It
currently has some 300 participating merchant firms and over 1.3 million
Advantage cardholders. The Advantage card can be used at over 5,000 points of
sale.

Piraye Antika, Chief Executive of HSBC Turkey, said: "This is good news for both
HSBC and Advantage customers. The acquisition of one of Turkey's most respected
brands complements HSBC's own retail portfolio and will now provide HSBC
customers with instalment cards. At the same time qualifying Advantage card
customers will have access to international credit card and other banking
services."

Notes to editors:

1. Boyner Holding A.S.

Boyner Holding is Turkey's largest non-food retailer with well-known brands such
as Beymen, Carsi, Altinyildiz, Network, Limon and Fabrika under its ownership.
The main areas of business include textile manufacturing, fashion retail and
tourism.

2. HSBC Bank A.S.

HSBC Bank A.S. began operations in Turkey in 1990 and, with the acquisition of
Demirbank in 2001, now has a significant position within the banking sector.
HSBC Bank A.S. provides a comprehensive range of personal, commercial, private
banking and brokerage products and services through its 163 branches, 3,200
personnel, and its 100 per cent-owned investment banking subsidiary HSBC
Yatirim.

3. HSBC Holdings plc

HSBC Bank A.S. is an indirectly-held, wholly-owned subsidiary of HSBC Holdings
plc. With some 7,000 offices in 81 countries and territories across Europe,
Asia-Pacific, the Americas, the Middle East and Africa, and assets of US$746
billion at 30 June 2002, HSBC is one of the world's largest banking and
financial services organisations.


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