Directors' Dealings

HSBC HOLDINGS PLC
9 September 1999

Interests in shares of HSBC Holdings plc ('the Company') arising under sections
324 and 328 of the Companies Act 1985. 


The HSBC Qualifying Employee Share Ownership Trust ('the QUEST') was established
by the Company as an efficient way of distributing shares to those employees
exercising options granted in the UK under the HSBC Savings-Related Share Option
Scheme ('the Scheme').

As a result of the trustee of the QUEST, HSBC QUEST Trustee (UK) Limited,
acquiring shares in the Company to satisfy the exercise of such options, a
temporary, non-beneficial, disclosable interest in the shares acquired arose for
the UK based, executive Directors of the Company and of Midland Bank plc as
potential beneficiaries of the QUEST. The shares were registered in the name of
HSBC QUEST Trustee (UK) Limited, the trustee of the QUEST.

The disclosure is therefore made on behalf of Sir John Bond, Messrs W R P
Dalton, S K Green and K R Whitson as Directors of both the Company and Midland
Bank plc, Mr D J Flint as a Director of the Company only, and Messrs D W Baker
and R M J Orgill as Directors of Midland Bank plc only. 

HSBC Holdings plc - Ordinary Shares US$0.50 each


Date            Nature of transaction by the QUEST     Number        Price
                                                       of shares

7 September 1999  Acquisition by subscription by the   67,881       766.00p
                  QUEST

7 September 1999  Transfer by the QUEST to             67,881       see
                  participants in the Scheme                        attachment
                                                       -------
7 September 1999  Shares held by the trustees of       NIL
                  the QUEST

                    NOTIFICATION OF DIRECTORS' SHARE INTERESTS
                            IN HSBC HOLDINGS PLC

Price per unit of shares registered in the name of HSBC QUEST Trustee (UK)
Limited on 7 September 1999 and transferred to participants of the HSBC Holdings
Savings-Related Share Option Scheme on 7 September 1999:

HSBC Holdings Plc - Ordinary Shares of US$0.50 each

Year of grant       No of               Option
                    Shares              price
                                        (p)
    
1994                44,864              233.61
1995                16,744              180.60
1996                 4,100              305.90
1997                 1,629              452.06
1998                   544              522.12
                  --------
                    67,881
                  ---------