Acquisition

HSBC Holdings PLC
27 September 2001


                    CCF ACQUIRES THE EQUITY STAKES OF KBC,

               BBVA AND MELLON FINANCIAL CORPORATION IN SINOPIA

CCF, through its subsidiary HSBC CCF Asset Management Group, has acquired
1,103,430 shares in Sinopia Asset Management from KBC Group, BBVA Group and
Mellon Financial Corporation at a price of euros 27.5 per share.

The purchase increases CCF's participation in Sinopia from 60.4 per cent to
76.7 per cent.

As it is the intention of CCF to make a public offer to all of the outstanding
minority shareholders, CCF will shortly file a public offer with the stock
market authorities (Conseil des Marches Financiers) at the same price of euros
27.5 per share.

Sinopia Asset Management asked Euronext Paris to maintain the suspension of
trading on its shares until a public offer is filed with the Conseil des
Marches Financiers.