Further re Tender/exchange Offer - Safra Republic

HSBC Hldgs PLC
25 November 1999

   HSBC EXTENDS PUBLIC TENDER/EXCHANGE OFFER FOR SAFRA
                 REPUBLIC HOLDINGS S.A.

HSBC has extended to 5:00pm (Luxembourg/Swiss time) on 29
December 1999 the expiration of the offer period for its
public tender/exchange offer for all issued shares of
common stock, par value USD2.50 each, of Safra Republic
Holdings S.A. not owned directly or indirectly by
Republic New York Corporation or Safra Republic. HSBC
previously had extended the offer period to 5:00pm
(Luxembourg/Swiss time) on 30 November 1999. HSBC has
been advised that approximately 29,345,512 shares have
been tendered and not withdrawn pursuant to the Offer.

HSBC has published a formal notice of extension in
accordance with the provisions of the Offer Prospectus.

By way of variation of the terms and conditions of the
Offer contained in the Offer Prospectus, holders of Safra
Republic common stock who tender their shares at any time
prior to the expiration of the Offer (including any
further extension thereof) will be permitted to withdraw
their tenders, should they choose to do so. Shareholders
who wish to withdraw tendered shares of Safra Republic
common stock should follow the procedures set forth in
the prior notice of extension published in the
Luxemburger Wort on 30 September 1999 and in Le Temps and
Neue Zuercher Zeitung on 29 September 1999. The
withdrawal procedures were also included as Annex A to
the press release issued by HSBC on 28 September 1999,
which is available from HSBC's website at www.hsbc.com.

The Offer is being made to holders of Safra Republic
common stock solely by means of the Offer Prospectus
dated 1 September 1999 and the green Acceptance Forms
(other than for United States shareholders, who should
also receive the blue Supplemental Offer Document for
United States Shareholders dated 1 September 1999 and the
yellow Acceptance Forms for United States Shareholders).
Copies of the Offer Prospectus, blue Supplemental Offer
Document for United States Shareholders, green Acceptance
Forms, yellow Acceptance Forms and the Amendments to the
Merger Agreement and the Stockholders Agreement may be
obtained from Republic National Bank of New York
(Luxembourg) S.A., 32 boulevard Royal, L-2449 Luxembourg
(Telephone: [phone]) or from UBS AG,
Bahnhofstrasse 45, 8098 Zurich, Switzerland (Telephone:
41-1-238-11-11). United States holders of Safra Republic
common stock may obtain the Offer Prospectus, the blue
Supplemental Offer Document for United States
Shareholders, the yellow Acceptance Forms and copies of
the Amendments to the Merger Agreement and the
Stockholders Agreement from HSBC Bank USA, the U.S.
Forwarding Agent for the Offer, at HSBC Bank USA, Issuer
Services, 140 Broadway, Level A, New York, NY 10005-1180
(Telephone: [phone]).