HSBC statement re Ping An Ins

HSBC Holdings PLC
23 July 2002

                                   STATEMENT



HSBC Insurance Holdings Ltd, a wholly-owned subsidiary of the HSBC Group,
confirms that it is in discussions which may lead to a possible minority
investment in Ping An Insurance.

The investment is subject to agreement of terms and conditions and receipt of
various regulatory approvals.

A further statement will be issued if and when appropriate.

Notes to editors

1. Ping An Insurance Company of China Limited

Established in Shenzhen in 1988, Ping An Insurance has the second largest life
insurance operations in the People's Republic of China (PRC) with 28.7 per cent
market share and a life premium income of US$4.8 billion in 2001. It also has
the third largest property and casualty insurance operations in the PRC with
around 9.8 per cent market share and premium income of US$812 million in 2001.
Ping An Insurance also engages in investment trust and securities businesses.
Ping An has over 20 million policy holders, around 21,500 employees and audited
profits of US$351.3 million for 2001 under International Accounting Standards.

2. HSBC Group Insurance

The HSBC Group, through its insurance subsidiaries, provides insurance products
and services to both its retail and commercial banking customers. These
insurance products and services include life, protection and investment
business, property and casualty, insurance broking and consultancy, insurance
agency and alternative risk financing services. In 2001, insurance premiums
transacted worldwide by the HSBC Group amounted to US$7.7 billion.

3. HSBC Holdings plc

The HSBC Group is one of the largest banking and financial services
organisations in the world. The Group has some 7,000 offices in 81 countries and
territories in Europe, the Asia-Pacific region, the Americas, the Middle East
and Africa, serves 31 million customers and has assets of US$696 billion at 31
December 2001.

With listings on the London, Hong Kong, New York and Paris stock exchanges,
shares in HSBC Holdings plc are held by around 190,000 shareholders in some 100
countries and territories. The shares are traded on the New York Stock Exchange
in the form of American Depository Receipts.




                      This information is provided by RNS
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