Director Shareholding

HSBC Holdings PLC
09 May 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


    1)Name of company

    HSBC Holdings plc

    2) Name of director

    C F W de Croisset

    3) Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder if it is a
    holding of that person's spouse or children under the age of 18 or in
    respect of a non-beneficial interest

    In respect of the director

    4) Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them (if notified)

    C F W de Croisset 36,745
    HSBC Trustee (C.I.) Limited (technical interest)35,430,955*

    5) Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

    As in 3) above

    6) Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

    Acquisition/scrip dividend

    7) Number of shares/amount of stock acquired


    1,081

    8) Percentage of issued class

    De minimis

    9) Number of shares/amount of stock disposed

    10) Percentage of issued class

    11) Class of security

    Ordinary Shares of US$0.50 each

    12) Price per share

    US$10.7146

    13) Date of transaction

    6 May 2003

    14) Date company informed

    9 May 2003

    15) Total holding following this notification

    36,745 (C F W de Croisset)
    35,430,955 HSBC Trustee (C.I.) Limited (technical interest)*


* Following the acquisition of CCF S.A (CCF) by HSBC Holdings plc, outstanding
options over CCF shares granted between 1994 and 1999 (for nil consideration)
have vested. On exercise of the options, the CCF shares will become exchangeable
for HSBC Holdings plc Ordinary Shares of US$0.50 each ("HSBC shares") in the
same ratio as for the acquisition of CCF - 13 HSBC shares for 1 CCF share. The
HSBC shares are to be provided through the HSBC Holdings General Employee
Benefit Trust ("the Trust"), the Trustee of which is HSBC Trustee (C.I.)
Limited.

Mr de Croisset holds options over 186,000 CCF shares which he is obliged, upon
exercise, to exchange for 2,418,000 (186,000 x 13) HSBC shares. Additionally, as
a beneficiary of the Trust he has a technical interest in all of the HSBC shares
held by the Trust (including the HSBC shares which correspond to his options).


16) Total percentage holding of issued class following this notification

De minimis

If a director has been granted options by the company please complete the
following boxes

17) Date of grant
2 May 2003 (Register of Director's interests updated 8 May 2003)


18) Period during which or date on which exercisable
2 May 2006 - 1 May 2013


19) Total amount paid (if any) for grant of the option
Nil


20) Description of shares or debentures involved: class, number
206,000 Ordinary Shares of US$0.50 each


21) Exercise price (if fixed at time of grant) or indication that price
is to be fixed at time of exercise

£6.91


22) Total number of shares or debentures over which options held
following this notification

3,036,000


23) Any additional information

24) Name of contact and telephone number for queries

Kalpna Dubasia, Company Secretarial Assistant 020 7991 0592

25) Name and signature of authorised company official responsible for
making this notification

As in 24) above

Date of Notification 9 May 2003


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