HSBC Subsid Acquisition

HSBC Hldgs PLC
20 December 2000


The following text is the English translation of a news release
issued by CCF, HSBC's subsidiary company in France
                                                                  

  As part of its expansion in private banking in France, CCF has
           acquired a majority stake in the Apoge Group


Through  its  subsidiary 'Compagnie de Gestion  de  Patrimoine  du
CCF',  CCF  has  acquired  a  90  per  cent  stake  in  Apoge,  an
independent fund management company specialising in ethical funds.

Founded  in  1990,  Apoge  had over FF1bn  of  funds under
management  at  30 June 2000 on behalf of nearly 1,200  individual
and  institutional clients. The net asset value of Apoge at 31
December 1999 was FF4,633,058.

Managed by Jean-Maurice Lochard, Apoge was one of the pioneers  of
ethical fund management in France. The company can claim two major
innovations:  in 1995 it launched Plurial ethique, France's  first
ethical  fund  of  funds, and in March 2000 it launched  Actisocia
Europe, the first fund to establish active dialogue with companies
on  ethical  investing. These funds are dedicated to companies promoting
socially and environmentally responsible activities.

This  acquisition  forms  part  of  CCF's  strategy  of  creating,
together  with  Banque Eurofin, Banque du Louvre  and  CCF  Banque
Privee  Internationale, a new private banking division to  operate
as  a  federation of  fund managers, which will  retain their identity 
and work in partnership with CCF.

This acquisition of a majority stake adds to the existing  'club'
of fund managers. It follows acquisitions  of  stakes
first  in Financiere de l'Echiquier in January 2000, and  then  in
Gestion Financiere Privee (GEFIP) and Delaye Nouailhetas Chatel et
Associes (DNCA).

Note to editors:
CCF became a member of the HSBC Group in July. With some 6,000
offices in 81 countries and territories, and assets of US$580
billion at 30 June 2000, HSBC is one of the largest banking and
financial services groups in the world.