Director Shareholding

HSBC Holdings PLC
26 January 2004

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1)Name of company

HSBC Holdings plc

2) Name of director

C F W de Croisset

3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

In respect of the director

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)

C F W de Croisset 37,737

32,775,055 HSBC Trustee (C.I.) Limited (technical interest)*

5) Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)

As in 3) above

6) Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary

Acquisition/scrip dividend

7) Number of shares/amount of stock acquired

296

8) Percentage of issued class

De minimis

9) Number of shares/amount of stock disposed


10) Percentage of issued class


11) Class of security

Ordinary Shares of US$0.50 each

12) Price per share

US$15.1987

13) Date of transaction

20 January 2004

14) Date company informed

23 January 2004 (Director was made aware of transaction on 23 January 2004)

15) Total holding following this notification

37,737 (C F W de Croisset)
32,775,055 HSBC Trustee (C.I.) Limited (technical interest)*


* Following the acquisition of CCF S.A (CCF) by HSBC Holdings plc, outstanding
options over CCF shares granted between 1994 and 1999 (for nil consideration)
have vested. On exercise of the options, the CCF shares will become exchangeable
for HSBC Holdings plc Ordinary Shares of US$0.50 each ("HSBC shares") in the
same ratio as for the acquisition of CCF - 13 HSBC shares for 1 CCF share. The
HSBC shares are to be provided through the HSBC Holdings General Employee
Benefit Trust ("the Trust"), the Trustee of which is HSBC Trustee (C.I.)
Limited.

Mr de Croisset holds options over 186,000 CCF shares which he is obliged, upon
exercise, to exchange for 2,418,000 (186,000 x 13) HSBC shares. Additionally, as
a beneficiary of the Trust he has a technical interest in all of the HSBC shares
held by the Trust (including the HSBC shares which correspond to his options).


16) Total percentage holding of issued class following this notification

De minimis

If a director has been granted options by the company please complete the
following boxes

17) Date of grant

18) Period during which or date on which exercisable

19) Total amount paid (if any) for grant of the option

20) Description of shares or debentures involved: class, number

21) Exercise price (if fixed at time of grant) or indication that price
is to be fixed at time of exercise


22) Total number of shares or debentures over which options held
following this notification


23) Any additional information

24) Name of contact and telephone number for queries

Robert Musgrove, Assistant Secretary 020 7992 1504

25) Name and signature of authorised company official responsible for
making this notification

As in 24) above

Date of Notification 26 January 2004




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