HSBC Subsid Share Purchase

HSBC Holdings PLC
03 February 2003


The following is the text of a paid advertisement to appear in the Hong Kong
press on 4 February 2003.


The Stock Exchange of Hong Kong Limited takes no responsibility for the contents
of this announcement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this
announcement


Purchase of 11.31% of the capital of Banque Eurofin

- Connected Transaction

A subsidiary of HSBC Holdings plc has agreed to acquire 11.31% of the capital of
Banque Eurofin S.A. for Euro 15.05 million (approximately HKD123 million)

CCF S.A. ("CCF"), a subsidiary of HSBC Holdings plc, has agreed to acquire
11.31% of the share capital of Banque Eurofin S.A. ("Eurofin") jointly-held by
Jean and Odon Vallet. Eurofin is a private bank based in France whose main
activities are fund and wealth management.

CCF Holding (Suisse) S.A. and CCF Banque Privee Internationale, subsidiaries of
CCF, currently own 43.6% and 16.3% respectively of the share capital of Eurofin.
This acquisition will increase CCF's interest in Eurofin from 59.9% to 71.21%.
The acquisition price will be €78  (approximately HKD638) per share.

Mr Odon Vallet is a Director of Eurofin.

As the total consideration amount is within the de-minimis exemption in respect
of connected transactions under Rule 14.25(1) of the Listing Rules, details of
the purchase of 11.31% of the share capital of Eurofin will be included in the
Company's next published annual report and accounts in accordance with Rule
14.25(1)(A) to (D) of the Listing Rules.

Agreement date: 20 January 2003

Completion date: Completion is subject to the approval of French Banking
Regulatory Authorities which is expected before the end of May 2003

Vendors: Jean and Odon Vallet. Odon Vallet is also a Director of Banque Eurofin

Purchaser: CCF S.A. - a subsidiary of HSBC Holdings plc

Assets to be acquired: 11.31% of the share capital of Banque Eurofin

Consideration: €15.05 million  (approximately HKD123 million) payable in cash.
This was negotiated on an arms-length basis, based on earnings and funds under
management of Banque Eurofin

Payment terms: Payment will be made in cash on completion

For and on behalf of

HSBC Holdings plc

R G Barber

Group Company Secretary

4 February 2003

HSBC Holdings plc

Incorporated in England with limited liablility. Registered in England : number
617987

Registered Office and Group Head Office : 8 Canada Square, London E14 5HQ,
United Kingdom


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