Directors' Dealings

HSBC HOLDINGS PLC


                            DEALINGS BY DIRECTORS

1)   NAME OF COMPANY

HSBC HOLDINGS PLC

2)   NAME OF DIRECTOR

BARONESS L S DUNN DBE

3)   Please state whether notification indicates that it is in
     respect of holding of the Director named in 2 above
     or 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)

A) SELF                               30,329  US$0.50 ORDS
B) HSBC TRUSTEE (JERSEY)LIMITED       70,355  US$0.50 ORDS

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

SCRIP DIVIDEND - BENEFICIAL

7)   Number of shares/amount of
     stock acquired

A) 329
B) 764

8)   (DE MINIMIS)
    of issued Class

9)   Number of shares/amount
     of stock disposed

N/A

10)  ( N/A %)
    of issued Class

11)  Class of security

ORDINARY SHARES OF US$0.50 EACH

12)  Price per share

US$ 12.1107

13)  Date of transaction

7 OCTOBER 1999

14)  Date company informed

26 OCTOBER 1999

15)  Total holding following this notification

100,684 ORDINARY SHARES OF US$0.50 EACH

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

N/A

18)  Period during which or date on which exercisable

N/A

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

N/A

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

N/A

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

N/A

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

N/A

23)  Any additional information

N/A

24)  Name of contact and telephone number for queries


I B MARSHALL   0207 260 8177


25)  Name and signature of authorised company official
     responsible for making this notification
AS IN 24 ABOVE
     Date of Notification.......27 OCTOBER 1999..........