Holding(s) in Company

HSBC Holdings PLC
25 November 2004


NOTIFICATION OF MAJOR INTERESTS IN SHARES

Section 198 - Companies Act 1985

The Company was notified today that Credit Suisse First Boston, through its
subsidiaries listed below, had a notifiable interest as at 23 November 2004 in
416,223,108 ordinary shares of US$0.50 each in HSBC Holdings plc, representing
approximately 3.73% of the ordinary shares in issue.

A copy of the letter of notification is quoted below.

P A Stafford
Assistant Group Secretary
HSBC Holdings plc


Letter to HSBC Holdings plc dated 25 November 2004 from Andrew Veasey, Equities
Compliance, Credit Suisse First Boston (Europe) Limited

"Dear Sirs

HSBC Holdings plc (the "Company")

This notification relates to the ordinary shares of the Company (the "shares")
and is given in fulfilment of the obligations imposed under Section 198 of the
Companies Act 1985 (the "Act").

We hereby notify you that on 23 November 2004, following acquisitions, CSFB (as
defined below) holds the following interests in the issued share capital of the
Company:

 1. Credit Suisse First Boston Equities Limited ("CSFBEq"): 5,100 shares. CSFBEq
    is interested by virtue of the right to redelivery of equivalent securities
    under stock lending arrangements.

 2. Credit Suisse First Boston (Europe) Limited ("CSFBEL"): 75,987,980 shares.
    CSFBEL is interested in these shares by virtue of the right to redelivery of
    equivalent securities under stock lending arrangements.
 3. Credit Suisse First Boston International ("CSFBi): 102,897,814 shares.
 4. Credit Suisse First Boston (Hong Kong) Limited ("CSFBHK"): 237,181,264
    shares.
 5. Credit Suisse First Boston LLC ("CSFBLLC"): 114,000 shares.
 6. Credit Suisse First Boston Capital LLC ("CSFBC"): 36,950 shares


CSFB now holds a total interest of 416,223,108 being equivalent to approximately
3.73% of the issued share capital of the Company.

CSFBEq, CSFBi, CSFBHK, CSFBLLC, CSFBC and CSFBEL are members of the Credit
Suisse First Boston group of companies ("CSFB"). Those group companies which are
direct or indirect holding companies of CSFBEq, CSFBi, CSFBHK, CSFBLLC, CSFBC
and CSFBEL are each interested by attribution in any shares in which CSFBEq,
CSFBi, CSFBHK , CSFBLLC, CSFBC and CSFBEL are interested.


Yours faithfully

Andrew Veasey
Equities Compliance"



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