HSBC France Insurance JV

HSBC Holdings PLC
27 March 2007

              HSBC TAKES CONTROL OF FRENCH INSURANCE JOINT VENTURE

HSBC France has agreed to acquire the remaining 50.01 per cent of life insurer
Erisa and property and casualty insurer Erisa IARD that it does not already own
from Swiss Life for a consideration of €228.75 million. The transaction is
subject to regulatory approvals.

Clive Bannister, Group Managing Director of Insurance, commented: "This
transaction is consistent with our aim to be a market leader in life, pensions,
investments and retirement services in selected OECD and emerging markets. Our
goal globally is to double the contribution to HSBC Group made by insurance by
building on, and joining up, our base of insurance and retirement businesses
while leveraging HSBC's brand."

Charles-Henri Filippi, Chairman and Chief Executive Officer of HSBC France,
added: "In line with the shareholders' agreement, this change of ownership was
agreed with the Swiss Life group in order to ensure Erisa's full integration
into HSBC. This will help us expand the distribution of insurance products
through our branch network. And, of course, we intend to continue and develop
our mutually beneficial, longstanding commercial agreements with Swiss Life."

Erisa is a joint venture created in 1986 by HSBC and Swiss Life to offer life
insurance products through HSBC's banking network in France. Erisa IARD was
created by the two companies in 1991 to provide property and casualty insurance.

                                                                            
Notes to editors:

1. Erisa
Erisa is the life insurance arm of the HSBC Group in France. Erisa's customers
are exclusively the Group's banking networks in France (HSBC France, Societe
Marseillaise de Credit, Banque de Savoie, Banque Chaix, Banque Dupuy de
Parceval, Credit Commercial du Sud Ouest, Banque Marze, Banque Pelletier).

2. Erisa IARD
Erisa IARD is the property and casualty insurance arm of the HSBC Group in
France. ERISA IARD's clients are exclusively the Group's banking networks in
France.

3. HSBC Holdings plc
HSBC Holdings plc serves over 125 million customers worldwide through around
10,000 offices in 82 countries and territories in Europe, the Asia-Pacific
region, the Americas, the Middle East and Africa. With assets of some US$1,861
billion at 31 December 2006, HSBC is one of the world's largest banking and
financial services organisations. HSBC is marketed worldwide as 'the world's
local bank'.

                             




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