Sale of Framlington Group

HSBC Holdings PLC
28 July 2005


                    SALE OF FRAMLINGTON GROUP LIMITED TO AXA
                                        
Framlington Holdings Limited (FHL), which is 51 per cent indirectly owned by
HSBC Holdings plc and 49 per cent indirectly owned by Comerica Incorporated, has
agreed to sell its 90.8 per cent stake in London-based asset manager Framlington
Group Limited (FGL) to AXA Investment Managers SA (AXA IM).

To acquire FHL's 90.8 per cent of Framlington Group, AXA IM will pay a
consideration of £178.3 million in cash plus a potential net asset adjustment.
Those same terms are being offered by AXA IM to the remaining shareholders in
FGL, the majority of whom are directors and employees. Completion of the deal is
subject to certain conditions including regulatory approval.

FGL was established in 1969 and manages investments for unit trust, PEP and ISA
investors as well as pension funds, charities, investment trusts and
institutions. At 30 June 2005, Framlington had over £4.5billion in assets under
management.

AXA IM is a member of the AXA Group.

Notes to editors:

1. The HSBC Group
Serving over 110 million customers worldwide, the HSBC Group has over 9,800
offices in 77 countries and territories in Europe, the Asia-Pacific region, the
Americas, the Middle East and Africa. With assets of US$1,277 billion at 31
December 2004, HSBC is one of the world's largest banking and financial services
organisations. HSBC is marketed worldwide as 'the world's local bank'.

2. Comerica Incorporated
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered
in Detroit, strategically aligned into the Business Bank, Small Business &
Personal Financial Services, and Wealth & Institutional Management. Comerica
focuses on relationships, and helping businesses and people be successful.
Comerica reported total assets of $53.5 billion at March 31, 2005.

3. AXA Group
AXA is a leader in Financial Protection, a business that involves offering its
customers - individuals as well as small, mid-sized and large businesses - a
wide range of products and services that meet their insurance, protection,
savings, retirement and financial planning needs throughout their lives. AXA
reported assets under management totalling €827 billion at June 30, 2004, net
revenues of €37 billion and underlying earnings of €1.436 billion for first-half
2004.

4. AXA Investment Managers (AXA IM)
AXA IM is a multi-specialist asset management company within the AXA Group, a
world leader in financial protection and wealth management. AXA IM is one of the
largest European-based asset managers with approximately EUR382.4 billion***
under management. AXA IM employs over 2,100 people*** and serves clients in
thirteen countries. ***Source: AXA IM as at 30th June 2005






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