HSBC - Equator Holdings

HSBC Holdings PLC
20 February 2003

                 HSBC ACQUIRES 100 PER CENT OF EQUATOR HOLDINGS

HSBC Bank plc (HSBC) is to increase its shareholding to 100 per cent in Equator
Holdings Limited (Equator), acquiring the 40 per cent of the outstanding shares
it does not own from Nedbank Africa Investments Limited (Nedbank), a full
subsidiary of Nedcor Limited.

Equator is HSBC's principal business in sub-Saharan Africa, with net assets of
US$21.1 million at 31 December 2002. A recent strategic review of this business
by HSBC concluded that 100 per cent ownership would enable Equator to be more
closely integrated into the Group and thereby provide an enhanced service for
Equator's African customer base.

Notes to editors:

1. Equator

Equator was founded in 1974 as a merchant bank to pursue trade finance
opportunities exclusively in sub-Saharan Africa and has offices in Angola, Cote
d'Ivoire, Ghana, Mozambique, South Africa and Uganda.

2. Nedcor

Nedcor is South Africa's largest bank offering a full range of retail,
commercial and corporate banking services including, corporate and project
finance, trade and commodity finance, private banking. It has branch or
subsidiary operations in Swaziland, Lesotho, Malawi, Hong Kong and London.

3. HSBC Holdings plc

With over 8,000 offices in 80 countries and territories and assets of US$746
billion at 30 June 2002, the HSBC Group is one of the world's largest banking
and financial services organisations.


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