Holding(s) in Company

HSBC Holdings PLC
26 May 2004


NOTIFICATION OF MAJOR INTERESTS IN SHARES

Section 198 - Companies Act 1985

The Company was notified yesterday that Credit Suisse First Boston through its
subsidiaries listed below, had a notifiable interest as at 21 May 2004 in
337,659,213 ordinary shares of US$0.50 each in HSBC Holdings plc, representing
approximately 3.06% of the ordinary shares in issue.

A copy of the letter of notification, is quoted below.

K Dubasia

Company Secretarial Assistant

HSBC Holdings plc


Letter to HSBC Holdings plc dated 25 May 2004 from Andrew Veasey, Vice President
- Legal and Compliance, Credit Suisse First Boston Equities Limited

"Dear Sirs

HSBC Holdings plc (the "Company")

This notification relates to the ordinary shares of the Company (the "shares")
and is given in fulfilment of the obligations imposed under Section 198 of the
Companies Act 1985 (the "Act").

We hereby notify you that on 21 May 2004, following acquisitions, CSFB (as
defined below) holds the following interests in the issued share capital of the
Company:


 1. Credit Suisse First Boston Equities Limited ("CSFBEq"): 70,442,737 shares.
    This includes 9,293 shares in which CSFBEq is interested by virtue of the
    right to redelivery of equivalent securities under stock lending
    arrangements.

 2. Credit Suisse First Boston (Europe) Limited ("CSFBEL"): 8,451,580 shares.
    CSFBEL is interested in these shares by virtue of the right to redelivery of
    equivalent securities under stock lending arrangements.

 3. Credit Suisse First Boston International ("CSFBi): 41,862,288 shares.

 4. Credit Suisse First Boston (Hong Kong) Limited ("CSFBHK"): 216,890,608
    shares.

 5. Credit Suisse First Boston LLC ("CSFBLLC"): 12,000 shares.


CSFB now holds a total interest of 337,659,213 being equivalent to approximately
3.06% of the issued share capital of the Company.

CSFBEq, CSFBi, CSFBHK, CSFBLLC and CSFBEL are members of the Credit Suisse First
Boston group of companies ("CSFB"). Those group companies which are direct or
indirect holding companies of CSFBEq, CSFBi, CSFBHK, CSFBLLC and CSFBEL are each
interested by attribution in any shares in which CSFBEq, CSFBi, CSFBHK , CSFBLLC
and CSFBEL are interested.



Yours faithfully


Andrew Veasey

Vice President - Legal and Compliance"


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