Acquisition

HSBC Hldgs PLC
5 March 2001



 HSBC FINANCE (BRUNEI) BERHAD TO ACQUIRE IRB FINANCE BERHAD

HSBC Finance (Brunei) Berhad, The Hongkong and Shanghai
Banking Corporation Limited's wholly-owned, Brunei-
incorporated finance company, has signed an agreement to
acquire 100 per cent of IRB Finance Berhad for approximately
Br$56.9 million (US$32.6 million) in cash.

IRB Finance Berhad is a finance company incorporated in
Brunei, specialising in the hire purchase and leasing of
vehicles and construction equipment. At 31 December 2000,
the company had assets of Br$244.0 million (US$140.0
million) and 53 staff in two offices, one in Brunei's
capital city of Bandar Seri Begawan and another in Kuala
Belait.

David Eldon, Chairman of The Hongkong and Shanghai Banking
Corporation Limited, said: 'IRB Finance Berhad is a well-
managed company and already a leading player in Brunei's
hire purchase and leasing business. This acquisition will
add substantially to our existing asset finance operation
which we intend to expand over the coming years.'

HSBC will acquire IRB Finance Berhad from its current
shareholders, who are:

* Inchcape Motors Limited (an Inchcape plc subsidiary) - 70
  per cent shareholding;
* Yang Amat Mulia Pengiran Indera Setia Diraja Sahibul
  Karib Pengiran Anak Haji Idris bin Pengiran Maharaja Lela
  Pengiran Muda Abdul Kahar - 10 per cent shareholding;
* Yang Dimuliakan Lagi Dihormati Pehin Orang Kaya Digadong
  Seri Diraja Dato Laila Utama Haji Awang Abdul Rahman bin
  Pehin Orang Kaya Shahbandar Haji Awang Mohd Taha - 20 per
  cent shareholding.

The acquisition is expected to be completed by 22 March
2001, following which IRB Finance Berhad will be integrated
with HSBC Finance (Brunei) Berhad.

The existing local shareholders and directors of IRB Finance
Berhad have agreed to join the Board of Directors of HSBC
Finance (Brunei) Berhad as non-executive directors to assist
in the integration process.

Note to editors

HSBC Holdings plc
The Hongkong and Shanghai Banking Corporation Limited is a
principal member of the HSBC Group which, with some 6,500
offices in 79 countries and territories and assets of US$674
billion at 31 December 2000, is one of the world's largest
banking and financial services organisations.