HSBC Subsid Disposal

HSBC Hldgs PLC
2 March 2001


The following text is the English translation of a news
release issued today in Germany by HSBC Holdings plc's
subsidiary.



  GERMAN SAVINGS BANKS' ORGANISATION ACQUIRES MAJORITY
SHAREHOLDING IN PULSIV AG FROM HSBC TRINKAUS & BURKHARDT

HSBC Trinkaus & Burkhardt KGaA, which is 73.5 per cent
indirectly owned by HSBC Holdings plc, has sold the
majority of its shareholding in the internet broker
pulsiv AG to the German Savings Banks' Organisation.

The German Savings Banks' Organisation has acquired 90
per cent of the shares in pulsiv AG through a holding
company ('MWW siebenundvierzigste Vermoegensverwaltungs
GmbH') specifically established for that purpose. The
net asset value of pulsiv AG at 31 December 2000 was
EUR10.3 million.

The former shareholders in pulsiv AG were HSBC Trinkaus
& Burkhardt KGaA (70 per cent), Lang & Schwarz
Wertpapierhandel AG (10 per cent), Heyde AG (10 per
cent) and HUK-COBURG Holding GmbH (10 per cent).

HSBC Trinkaus & Burkhardt KGaA continues to hold 10 per
cent of the shares in pulsiv AG but has granted a call
option over these shares to the purchaser.

The Purchase Agreement is subject to the approval of the
anti trust regulators.