Directors' Dealings

HSBC Hldgs PLC
25 January 2000


Date of notification : 25 January 2000

               NOTIFICATION OF DIRECTORS' SHARE INTERESTS
                          IN HSBC HOLDINGS PLC

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  individuals 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  HSBC
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.

This 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
HSBC Bank plc, Mr D J Flint and Mr A W Jebson as Directors of the Company
only, and Messrs, D W Baker and R M J Orgill as Directors of HSBC Bank plc only.

HSBC Holdings plc - Ordinary Shares US$0.50 each

                                                        Number
Date              Nature of transaction by the QUEST   of shares   Price
24 January 2000   Acquisition by subscription by the
                  QUEST                                69,275      717.00p

24 January 2000   Transfer by the QUEST to participants              See
                  in the Scheme                        69,275        below

24 January 2000   Shares held by the trustees of the
                  QUEST                                   NIL


               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 24 January 2000 and transferred to participants of the
HSBC Holdings Savings Related Share Option Scheme on 24 January 2000:

HSBC HOLDINGS PLC - ORDINARY SHARES OF US$0.50 EACH

Year of grant        No of          Option
                     shares          price

                                         (p)

1994                8,976             233.61
1995               35,958             180.60
1996               12,226             305.90
1997                6,633             452.06
1998                4,522             522.12
1999                  960             539.80

                   69,275