HSBC increases stake in AMTeK

HSBC Holdings PLC
11 December 2003


                            HSBC INCREASES STAKE IN

                       ASSET MANAGEMENT TECHNOLOGY KOREA

Following HSBC's announcement on 2 August 2003 of the acquisition of 82.19 per
cent of Asset Management Technology Korea Co., Ltd. (AM TeK), the Group has now
increased its stake to 92.96 per cent in the fund administration company.

HSBC's acquiring entity, HSBC Asia Pacific Holdings (UK) Limited, has paid in
cash a consideration of KRW1.95 billion (US$1.64 million) for the additional
10.77 per cent interest in AM TeK. HSBC has acquired the additional equity
shareholdings in AM TeK from Korea Development Bank and Oriental Fire and Marine
Insurance.

With KRW33 trillion (US$27.9 billion) of assets under administration at 30
November 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.

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 79
countries and territories and assets of US$983 billion at 31 December 2002, is
one of the world's largest banking and financial services organisations.


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