Acqn of Mortgage Portfolio

HSBC Holdings PLC
13 March 2002



               HSBC ACQUIRES ABN AMRO'S RETAIL MORTGAGE PORTFOLIO
                                  IN MALAYSIA

HSBC Bank Malaysia Berhad has acquired ABN AMRO Bank Berhad's retail mortgage
portfolio in Malaysia, which has an estimated current net book value of RM250
million (US$65.8 million).The acquired mortgage portfolio comprises 2,300
accounts.

Dyfrig John, Deputy Chairman and Chief Executive Officer of HSBC in Malaysia,
said: "We are pleased to be acquiring such a quality portfolio from ABN AMRO. It
will add to our growing retail mortgage business in Malaysia."

ABN AMRO's Managing Director, Hugues Delcourt, commented: "ABN AMRO sees a
strong future in the corporate and investment banking sector in Malaysia. We
therefore made the strategic decision to concentrate on the further development
of this sector. A natural consequence of this decision is the sale of the home
mortgage business we have developed over the past few years. Our objective was
to find a suitable bank to take over our home mortgage portfolio - one that
would continue offering our mortgage customers a comprehensive service
proposition. After reviewing several options, we decided HSBC was the right
candidate."

Mr John added: "We are working hard to welcome our new customers to the HSBC
Group and to assure them that the terms and conditions of their mortgages,
including interest rates and repayment arrangements, will remain unchanged."

With 36 branches nationwide, HSBC is one of the largest foreign banks in
Malaysia, offering customers a wide range of personal financial services
including mortgages, credit cards, unit trusts and insurance.

Both HSBC and ABN AMRO are among the oldest banks in Malaysia, having
established their first offices in Penang in the 1880s.



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