Subordinated Note Programme

HSBC Holdings PLC
12 September 2007




                        HSBC SUBORDINATED NOTE PROGRAMME


On 12 September 2007, HSBC Holdings plc issued US$750,000,000 of 6.5%
Subordinated Notes due 2037 (the "New Notes"). Application has been made to list
the New Notes on the New York Stock Exchange.
                                  
Note to Editors:

HSBC Holdings plc

HSBC Holdings plc serves over 125 million customers worldwide through around
10,000 offices in 83 countries and territories in Europe, the Asia-Pacific
region, the Americas, the Middle East and Africa. With assets of some US$2,150
billion at 30 June 2007, HSBC is one of the world's largest banking and
financial services organisations. HSBC is marketed worldwide as 'the world's
local bank'.

                          




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