Final Results - Part 5 of 6

HSBC Hldgs PLC
26 February 2001

HSBC Hldgs PLC
NEWS RELEASE 1 PART(5) OF (6)

The acquisition strengthened our North American operations by
adding significant private banking, banknote and bullion
capabilities. It also enhanced HSBC's global markets business
in treasury and foreign exchange. In addition, the
acquisition added a banking presence in Mexico.

During this year of integration and consolidation, much of
the focus has been on customer retention. Total customer
deposits in the bank were up 5 per cent compared with 1999.
Total funds under management at year-end 2000 were US$30.3
billion, up US$3.6 billion, or 14 per cent from year-end
1999. Including custody balances, year-end assets under
administration totalled US$45.9 billion.

Acquisition related cost savings have been realised in most
support and administrative areas and to a lesser extent in
certain front line businesses. Approximately 75 per cent of
the targeted domestic savings as a result of the merger have
been realised and another 15 per cent have been identified.
The results for 2000 included US$74 million (1999: US$164
million) of restructuring costs. Consolidation of most
premises systems took place in 2000, but it is anticipated
that some further restructuring costs will be incurred in
2001 and additional related cost savings will be realised. In
conjunction with the rationalisation efforts of both the
front and back office operations, investments have been made
in market based, uniform compensation and benefits programmes
for all employees.

As part of the integration of Republic New York Corporation
into HSBC, various transactions have either taken place, or
are planned to take place in 2001. Wherever possible,
operations of non-US branches and subsidiaries of the former
Republic Bank of New York have been transferred to other
overseas entities of HSBC. As a result of the reorganisation
of the private banking business of HSBC outside the Americas
to establish a major global private banking organisation
based in Switzerland and operating in various locations
throughout the world, the cross shareholdings in the private
banking businesses of the former Safra Republic Holdings were
substantially eliminated.

On 1 August 2000, HSBC Bank USA completed the acquisition of
Chase Manhattan Bank's branch operations in Panama. The
acquisition of 11 branches added US$752 million of assets.

HSBC Bank USA launched a comprehensive Internet Banking
product for personal banking customers in April 2000. By year-
end, over 80,000 customers had signed up for the service and
the site was receiving over 15,000 visits daily. The Internet
was also used to help launch the bank's Premier product.
During the fourth quarter, HSBC Brokerage (USA) Inc. began
the rollout of online discount brokerage and it is expected
that the service will be available to all US discount
brokerage customers in 2001.

HSBC Bank USA's net interest income was 72.9 per cent higher
as average interest-earning assets increased following the
Republic acquisition. The benefit of this increase was partly
offset by a reduced margin due to the dilutive impact of
Republic's lower margin but more liquid balance sheet.

In the year 2000, HSBC Bank USA emphasised the growth of its
wealth management business. Year-on-year increases in fees
and commissions were driven by a 18.7 per cent increase in
wealth management revenues when comparing results of the
combined institution.  These increases were concentrated in
insurance, mutual funds, annuities and discount brokerage.
Growth moderated in the second half of 2000 reflecting
softness in the investment markets.

Other income reflected gains on the sale of securities and
the sale of securitized mortgages and student loans.

In the United States, non-performing loans rose slightly due
to some deterioration in the quality of leveraged credits
which constitute a small portion of outstanding advances;
overall the quality of the portfolio remained sound.

Canada

In Canada new products and services included the launch of
retail internet banking, the launch of HSBC Premier and the
addition of the Global Technology Fund to the existing award-
winning mutual funds offered. Canada was also the first
country to launch Merrill Lynch HSBC. All of these products
have been well received in the market place.

Our Canadian operations reported cash basis pre-tax profits
43.0 per cent higher in 2000 than in 1999.  This was due to
an increase in net interest margin, strong growth in
commercial advances, increased revenue from wealth management
activities and improved efficiencies, as demonstrated by a
lower cost:income ratio.

Net interest income was 23.0 per cent higher in 2000 compared
to 1999. Continued growth in interest-earning loans,
especially in commercial advances, helped boost year-on-year
performance. The improvement in net interest margin in 2000
resulted from improved pricing on commercial advances and
increases in prime and base lending rates in the first half
of 2000. Funding costs were also lower as the funding mix
shifted to a high proportion of lower costing retail
deposits. Debenture interest expense was lower in 2000
compared to 1999 as a result of a capital restructuring
programme during late 1999 and the first half of 2000.

Other operating income increased 14.8 per cent in 2000 over
1999, largely from a 21.3 per cent increase in fee income.
Securities commissions generated by retail client
transactions were 39.5 per cent higher.  Due to favourable
market conditions at the time, the majority of the increase
in these commissions was in the first half of 2000.  Mutual
fund fee income also increased due to higher net sales
volumes and increases in market values.   Corporate finance
fees were also higher, aided by favourable market conditions
in 2000. Trading revenue was lower in 2000 compared to 1999
due to lower contribution from the structured equity trading
operations.

Operating expenses were 12.3 per cent higher in 2000 when
compared to 1999.  The increase was attributable primarily to
Republic operations and performance-related compensation and
volume driven expenses.  Both of these items were associated
with the increases in securities commissions in other income.
The cost:income ratio, excluding amortisation of goodwill and
intangible assets, fell to 65.6 per cent, an improvement of
4.4 per cent over 1999.

Due to the continuing strong economy in Canada along with
strong credit quality, despite an increase during 2000 in the
overall volume of interest earning assets, provisions for
credit losses remained low.

                       2000 Half-year               1999 Half-year
                                ended                        ended        
Figures in US$m      30 June   31 Dec      2000   30 Jun    31 Dec      1999 
                                                                          
Net interest                                                               
  income               1,057    1,095     2,152      817       870     1,687 
Dividend income           33       35        68        6         6        12 
Net fees and             
  commissions            451      402       853      294       299       593 
Dealing profits          132       86       218      109        72       181 
Other income              68      110       178       81        82       163 
Other operating  
  income                 684      633     1,317      490       459       949 
    
Operating income        1,741   1,728     3,469    1,307     1,329     2,636 
    
Staff costs              (707)   (683)   (1,390)    (409)     (475)     (884)
Premises and             
  equipment              (157)   (150)     (307)    (90)      (157)     (247)
Other                    (269)   (283)     (552)   (192)      (190)     (382)
Depreciation              (54)    (60)     (114)    (34)       (35)      (69)
Goodwill           
  amortisation            (74)    (69)     (143)     (1)        (2)       (3)
Operating expenses     (1,261) (1,245)   (2,506)   (726)      (859)   (1,585)
  
Operating profit
  before  
  provisions              480     483       963     581        470     1,051

Customers: 
- new specific 
  provisions             (170)   (217)     (387)   (115)      (116)     (231)
- releases and 
  recoveries               59      43       102      52         48       100 
                         (111)   (174)     (285)    (63)       (68)     (131)
- net general 
  releases                 39      99       138       -         23        23 
Total bad and 
  doubtful 
  debt charge             (72)    (75)     (147)    (63)       (45)     (108)

Provisions for 
  contingent 
  liabilities and 
  commitments               -       1         1       -         (1)       (1)

Operating profit          408     409       817     518        424       942 

Income from 
  associated  
  undertakings              2      (4)       (2)      2          2         4 
Gains on disposal
  of investments 
  and tangible   
  fixed assets              4      31        35      10          3        13 
Profit before tax         414     436       850     530        429       959 

      
Figures in US$m                        At 31 Dec 2000    At 31 Dec1999
                                                                   
Assets                                                             
                                                                   
Loans and advances to customers (net)          60,835           52,851 
Loans and advances to banks (net)               9,279            4,503 
Debt securities, treasury bills and other                          
  eligible bills                               36,770           42,706 
                                                                   
Liabilities                                                        
                                                                   
Deposits by banks                               7,221            6,459 
Customer accounts                              68,389           55,000 
                                                                   
Customer loans and advances and provisions                         
                                                                   
Loans and advances to customers (gross)        61,561           53,710 
                                                                   
Residential mortgages                          19,641           16,942 
Other personal                                  6,694            5,857 
Total personal                                 26,335           22,799 
                                                                   
Commercial, industrial and international                           
  trade                                         8,831            8,914 
Commercial real estate                          6,865            5,709 
Other property-related                          4,053            4,097 
Government                                        710              726 
Other commercial^                               3,710            4,466 
Total corporate and commercial                 24,169           23,912 
Non-bank financial institutions                 8,593            6,380 
Settlement accounts                             2,464              619 
Total financial                                11,057            6,999 
                                                                      
Non-performing loans^^                            642              584 
                                                                   
Non-performing loans as a percentage of                            
  gross loans and advances to customers^^         1.0%             1.1%
                                                                   
Specific provisions outstanding against                            
  loans and advances                              262              254 
                                                                   
Specific provisions outstanding as a                               
  percentage of non-performing loans^^           40.8%            43.5%
                                                                   
Customer bad debt charge as a percentage of                        
  closing gross loans and advances ^^^            0.2%             0.3%

^    Includes advances in respect of Agriculture, Transport,
     Energy and Utilities.
^^   Net of suspended interest.
^^^  Figure for 1999 excludes RNYC.

Financial Review by Geographical Segment    

HSBC Latin American Operations  
                                    Year ended 31 December
Figures in US$m             2000     % Group         1999     % Group 
                                                                        
Cash basis profit before                                                
  tax^                       324         3.2          328         4.1 
                                                                      
Profit before tax            311         3.2          318         4.0 
                                                                      
Total assets              19,073         2.9       17,181         3.1 
                                                                      
Year-end staff numbers  
  (FTE basis)             25,907                   27,181   
                                                                      
Cost:income ratio                                                     
  (excluding goodwill                                                 
  amortisation)             75.3%                    76.3%           

^  Adding back goodwill amortisation.

The Group's operations in Latin America contributed US$324
million to the Group's cash basis profit before tax in 2000,
in line with 1999 which included exceptional profits earned
from the volatility in the Brazilian financial markets in the
first half of 1999.

Brazil

A more favourable economic background in 2000, coupled with
focus on delivering the Group's strategy in Brazil, resulted
in a strong performance over the year. Brazilian operations
(excluding Banco CCF Brazil) contributed US$206 million to
pre-tax profits in 2000.

Second half pre-tax profits of US$84 million were US$38
million lower than the first half reflecting higher credit
costs and restructuring charges of US$17 million incurred to
achieve further operational efficiencies and to integrate
Banco CCF Brazil.

The economic environment in the second half of 2000 was
characterised by concerns over the Argentinian economy and a
greater perceived likelihood of a sharp US slowdown.  Despite
volatility in the Brazilian foreign exchange and interest
rate markets, Brazil's economic fundamentals remained steady
with GDP growth of 4 per cent and inflation at 5.97 per cent,
in line with the Government's target for 2000 and an
improvement on 8.64 per cent inflation in 1999. The improved
environment over the previous year allowed interest rates to
fall by nearly 300 basis points since December 1999.

Net interest income was US$886 million, 5.3 per cent higher
than for 1999.  This reflected a 19.7 per cent increase in
average interest-earning assets with robust growth achieved
in interest-earning commercial and retail assets particularly
in the areas of consumer credit and corporate working capital
loans. There was a decline in the net interest margin of 168
basis points principally due to lower interest rates.

Other operating income was US$555 million, which was 9.5 per
cent higher than for 1999. Our Brazilian operations continued
to develop their wealth management businesses, particularly
in the form of insurance and asset management products, and
to grow commercial and retail business. Asset Management
operations also continued to expand as a result of organic
growth and the addition of Banco CCF Brazil SA. Funds under
management stood at BRL21 billion at December 2000, up BRL12
billion or 133 per cent from the half year and up 166 per
cent from BRL7.9 billion at the end of 1999. CCF Brazil
contributed BRL11 billion of this increase. In total, funds
under management by our Brazilian operations rank fourth
largest in Brazil, as at June 2000, compared to tenth at
December 1999.

HSBC's strategy of embracing internet technology in the
delivery of its services has developed rapidly in Brazil.
HSBC Brazil has offered internet banking since 1998 to its
personal and small business customers and has 200,000
registered users. As of November 2000, internet-based
services were extended to include access via the Wireless
Application Protocol (WAP) on Brazil's cellular phone
network.

Operating expenses were US$56 million higher than in 1999.
Cost increases reflected business growth and restructuring to
achieve operating efficiencies.

There was a significant increase in provisioning requirements
in the second half of the year reflecting changes in asset
mix, principally focused on personal customers. Strong growth
in the consumer book brought with it a corresponding increase
in delinquencies and provisioning levels rose to reflect the
underlying risks within the consumer portfolio. Provisioning
on consumer lending was adequately covered by the interest
revenue earned on these products and it is HSBC policy to
fully provide for delinquent consumer credit after 180 days.

Consistent with the Group's strong focus on capital
management, Brazil paid dividends and made capital
repatriations of US$179 million during the year, bringing
total dividends and remitted capital since December 1998 to
US$373 million.

CCF Brazil made a small contribution to Group pre-tax
profits.

Argentina

In Argentina a negative economic environment, exacerbated by
higher oil prices and US economic uncertainty, produced an
increase in the Argentinian risk premium of up to 10 per
cent. Measures recently announced by the government and IMF
support improved confidence in a future recovery and the
prospect of lower interest rates. Since the end of the year,
the spread on Argentinian government paper has fallen by 90
basis points.

Although GDP growth for the year ended 31 December 2000
improved markedly over 1999, when it fell by 4 per cent, it
was still negative and this adversely impacted opportunities
for growth. Nevertheless, we continued to build our strategy
of creating an integrated financial services group and,
despite the economic recession, the Group's Argentinian
operations achieved pre-tax profits of US$107 million
compared to US$67 million in 1999.

Net interest income was US$262m, US$16 million higher than
1999, principally as a result of higher volumes of investment
securities than in 1999. The economic uncertainty had an
impact on both the volume of the lending portfolio and
overall rates. The funding base continued to grow, but this
growth was largely deployed in liquid assets causing spreads
to drop from 5.54 per cent to 4.95 per cent because of a more
liquid asset mix and increased borrowing rates.

Other operating income was US$345 million, US$77 million
higher than in 1999; a very satisfactory performance in the
economic environment. Initiatives taken to improve both the
volume and quality of the earnings stream included enhanced
cross-selling marketing campaigns, the launch of an
incentives and rewards programme and improved and
differentiated service quality, in particular programmes for
bancassurance and HSBC Premier clients. Actions taken in
prior years to curtail unprofitable motor portfolios and
increase the use of scoring for sales of new products helped
La Buenos Aires, the general insurance business, to achieve
an improved underwriting profit of US$2.4 million despite
weak market conditions. An improved result was also reported
in the life assurance and annuity business.

Total funds under management grew by some 39 per cent from
1999 to 2000, from US$3.1 billion to US$4.3 billion,
principally within the pension plan administrator, Maxima.
Mutual funds also grew and, despite the economic recession,
we improved market share from 5.9 per cent to 6.1 per cent
reaching fifth position in the rankings.

Operating expenses rose by US$55 million to US$445 million.
Staff costs grew by US$48 million as a result of a higher
headcount and an increase in average salaries and bonuses.
Controls were put in place to restrain operating expense
growth with a number of contracts renegotiated in areas such
as communications and mailing and marketing campaigns. These
initiatives together with other one off impacts partially
offset higher staff costs. The cost : income ratio improved 
slightly to 73 per cent.

Provisions for bad and doubtful debts in 2000 of US$56
million represented 2.1 per cent of average loans and
advances to customers and were US$18 million lower than 1999
although still impacted by the weak economic environment.

Non-performing loans were US$32 million higher than June 2000
at US$579 million reflecting the weak economy.

                       2000 Half-year                  1999 Half-year
                                ended                           ended  
Figures in US$m     30 Jun     31 Dec      2000    30 Jun      31 Dec     1999
                                                                              
Net interest income    591        628     1,219       582         515    1,097

Dividend income          8          -         8        11           -      11
Net fees and 
  commissions          221        259       480       199         192      391
Dealing profits         30         38        68        40          24       64
Other income           206        191       397       140         184      324
Other operating 
  income               465        488       953       390         400     790

Operating income     1,056      1,116     2,172       972         915   1,887
 
Staff costs           (439)      (467)     (906)     (372)       (429)   (801)
Premises and       
  equipment            (83)       (84)     (167)      (76)        (72)   (148)
Other                 (227)      (268)     (495)     (195)       (220)   (415)
Depreciation           (33)       (34)      (67)      (33)        (43)    (76)
Goodwill    
  amortisation          (6)        (7)      (13)       (4)         (6)    (10)
Operating expenses    (788)      (860)   (1,648)     (680)       (770) (1,450)
                                                                              
Operating profit 
  before  
  provisions           268        256       524       292         145     437 

Customers:   
- new specific   
  provisions          (106)      (196)     (302)      (91)       (103)   (194)
- releases and 
  recoveries            38         62       100        24          42      66
                       (68)      (134)     (202)      (67)        (61)   (128)
- net general   
  releases/(charge)      1         (3)       (2)        3          (8)     (5)
Total bad and    
  doubtful debt   
  charge               (67)      (137)     (204)      (64)        (69)   (133)
                                                                              
    
Amounts written off 
  fixed asset  
  investments            -         (1)       (1)        -          (2)     (2)

Operating profit       201        118       319       228          74     302 

Income from  
  associated 
  undertakings           -          1         1        11           -      11 
  
(Losses)/gains on 
  (disposal of
  investments and  
  tangible fixed  
  assets                (8)        (1)       (9)        9          (4)      5 
Profit before tax      193        118       311       248          70     318 

Figures in US$m                             At 31 Dec 2000  At 31 Dec 1999 
                                                                          
Assets                                                                    
                                                                          
Loans and advances to customers (net)                6,849           5,461 
Loans and advances to banks (net)                    3,362           2,402 
Debt securities, treasury bills and other                                 
  eligible bills                                     5,281           5,345 
                                                                          
Liabilities                                                               
                                                                          
Deposits by banks                                    2,644           1,339 
Customer accounts                                   10,265           7,649 
                                                                          
Customer loans and advances and provisions                                
                                                                          
Loans and advances to customers (gross)              7,428           5,921 
                                                                          
Residential mortgages                                1,099             766 
Other personal                                       1,517           1,024 
Total personal                                       2,616           1,790 
                                                                          
Commercial, industrial and international                                  
  trade                                              3,246           2,470 
Commercial real estate                                 127             255 
Other property-related                                 175             168 
Government                                              55             153 
Other commercial^                                      980             867 
Total corporate and commercial                       4,583           3,913 
Non-bank financial institutions                        188             209 
Settlement accounts                                     41               9 
Total financial                                        229             218 
                                                                          
Non-performing loans^^^                                752             595^^
                                                                          
Non-performing loans as a percentage of gross                             
  loans and advances to customers^^^                  10.1%           10.0%
                                                                          
Specific provisions outstanding against loans                             
  and advances                                         498             378 
                                                                          
Specific provisions outstanding as a                                      
  percentage of non-performing loans^^^               66.2%           63.5%
                                                                          
Customer bad debt charge as a percentage of                               
  closing gross loans and advances                     2.7%            2.2%

^    Includes advances in respect of Agriculture, Transport,
     Energy and Utilities.
^^   Restated to include certain fully provided loans.
^^^  Net of suspended interest.


HSBC Investment Banking

HSBC Investment Banking and Markets comprises the Group's
treasury, capital markets, advisory, equity securities
origination and distribution, trading and research, asset
management, merchant banking, private banking and trustee and
private equity activities.  The financial results of the
Group's treasury and capital markets businesses are reported
within the Commercial Banking results in the main banking
subsidiaries of the Group, with the remainder reported here
as the Investment Banking line of business.

Profit before tax and goodwill amortisation increased by
US$330 million (42.6 per cent) compared with 1999 including
profits due to the acquisition and successful integration of
RNYC, SRH and CCF of US$359 million. The charge for the
amortisation of goodwill increased by US$227 million
following the acquisitions of RNYC, SRH and CCF.
Attributable profit (post goodwill) increased by US$54
million or 10.3 per cent.

Return on average shareholders' funds of 13.5 per cent was
lower when compared with 25.4 per cent in 1999 due to the
increased level of goodwill charge and the capital base of
HSBC Investment Banking increasing substantially as a result
of the inclusion of RNYC and SRH.

In Investment Banking the Global Investment Banking division
performed strongly showing an increased profit contribution
over 1999 in spite of a downturn in global market activity in
the latter part of 2000 and exceptional investment disposal
gains last year. All geographical regions increased the level
of equity commission revenue over 1999 as well as increasing
trading revenues. A 33.3 per cent increase in fee income
reflects an excellent performance in Corporate Finance where
business transacted with the Group's corporate client base
has increased substantially. The lower contribution generated
in the second half of the year reflects both lower equity
market volumes and a substantial deterioration in market
conditions for new issues and for advisory mandates.

Merchant Banking businesses had a good year with particularly
strong performances in Loan Syndication, Project & Export
finance and Aviation & Structured finance. Equator Bank in
Africa however suffered from a single large bad debt
provision.

The results of HSBC Trinkaus & Burkhardt in Germany were 12.7
per cent lower as a result of adverse exchange rates and the
non recurrence of exceptional gains in 1999 following changes
in local tax regulations. Their underlying performance
however remained strong and showed a satisfactory profit
improvement of $33 million, 32.5 per cent.

Asset management profits increased by 97.6 per cent to US$83
million. This performance reflects both a substantial growth
in funds under management and the successful distribution of
retail mutual funds and unit trusts through the Group's
retail branch network. Funds under management have grown by
46.0 per cent to $137 billion at the end of December
(including CCF since 28 July).  Sales of retail funds have
increased by over 80 per cent compared to 1999 due to an
especially strong performance in Asia and the inclusion of
CCF.

A principal focus for Private Banking during 2000 has been
the integration of the former RNYC and SRH businesses. This
has proceeded very satisfactorily with an increase in both
clients and assets.  Profits from Private Banking have
increased by US$316 million, 153.4 per cent over 1999
reflecting the RNYC, SRH and CCF acquisitions as well as the
continued growth of the underlying business. Profits in the
second half of 2000 are lower compared with the first half as
a result of exceptional gains in the first half due to a
restructuring of portfolios following the acquisition, and
incremental costs in the second half associated with
investment in the newly integrated business.

Private equity increased the level of new investments
substantially in 2000 but fewer disposals resulted in a lower
profit contribution compared with last year.

Operating expenses increased by 44.6 per cent compared with
1999, reflecting the inclusion of CCF and the former RNYC and
SRH businesses for the first time, as well as increased
compensation expenses linked to improved profitability.

                   2000 Half-year ended        1999 Half-year ended  
Figures in US$m      30 Jun^    31 Dec^    2000    30 Jun^   31 Dec^   1999 

Net interest income     366        428      794       183       190      373 
Fees and       
  commissions (net)   1,034      1,175    2,209       706       812    1,518 
Trading income^         236        127      363       182        43      225 
Other income^^          188        183      371       114       341      455 

Total income          1,824      1,913    3,737     1,185     1,386    2,571 
       
Operating expenses   (1,220)    (1,429)  (2,649)     (895)     (937)  (1,832)
Bad and doubtful 
  debts                  (7)       (4)      (11)      (19)       14       (5)
Other                    27         -        27        32         8       40 
Profit before tax   
  and goodwill   
  amortisation          624       480     1,104       303       471      774 
Goodwill     
  amortisation          (88)     (149)     (237)       (6)      (15)     (21)
Profit before tax       536       331       867       297       456      753

Attributable profit     383       196       579       198       327      525

Total Assets         73,840    95,325    95,325    40,177    71,851   71,851

Shareholders' 
  funds^^^            4,249     4,287     4,287     2,141     4,041    4,041
Return on average
  shareholders' 
  funds                18.8%      8.8%     13.5%     18.4%     29.9%    25.4%
  
Staff numbers (FTE)
  basis              10,391    14,140    14,140     8,290    10,076   10,076 
   
Segmental analysis of profit before tax and
goodwill amortisation:
- Asset
  management^^^^         42        41        83        20        22       42
- Private banking       292       230       522       110        96      206
- Investment  
  banking               261       155       416       123       284      407
- Private equity         29        54        83        50        69      119
                        624       480     1,104       303       471      774

^^^^ Restated to exclude income derived from unit trust
     related business, management responsibility for which
     was transferred from HSBC Investment Banking on 1
     January 2000.
^    In order to present the results of HSBC Investment
     Banking on a basis consistent with common practice in
     investment banking, trading income as reported above
     includes all profits and losses relating to dealing
     activities, including interest income/expense and
     dividends arising from long and short positions. In this
     respect, it differs from dealing profits as reported on
     page 16.
^^   Includes profit on disposal of venture capital and other
     investments,US$180  million (1999:US$332 million) which
     were included in gains on disposal of fixed assets and
     investments at HSBC Group level.
^^^  Shareholders' funds attributable to investment banking
     at 31 December 1999 have been restated to exclude
     shareholders' funds in the former Republic businesses
     which do not relate to private banking business.

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