HSBC subsid disposal

HSBC Holdings PLC
15 July 2003

The following text is the English translation of a news release issued in France
by CCF, a wholly owned, indirectly-held subsidiary of HSBC Holdings plc.



              CCF DISPOSES OF HOLDING IN SOCIETE DE LA TOUR EIFFEL

CCF Group has sold its holding of 36,674 shares in Societe de la Tour Eiffel
(STE), to Osiris Patrimoine S.A.R.L. (Osiris), part of the AWON Group, for €60
per share, or a total consideration of €2.2 million.

CCF and two of its subsidiaries (Societe Financiere et Mobiliere and Excofina)
held the shareholding in STE. The sale, which took place on 10 July 2003,
represented 39.95 per cent of the issued share capital in STE.

The sale will help simplify CCF's legal structure. There is no effect on the
ongoing operations of CCF.


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