HSBC in Spain

HSBC Holdings PLC
05 March 2003

           HSBC TO TRANSFER RETAIL FUND MANAGEMENT IN SPAIN TO AFINA

HSBC has agreed to transfer the retail fund management business in Spain carried
out by HSBC Fund Management (Espana) S.G.I.I.C. S.A., together with its four
staff, to AFINA GESTION S.G.I.I.C. S.A., a member of the Commerzbank Group.

HSBC Fund Management (Espana) S.G.I.I.C. S.A. is an indirectly held,
wholly-owned subsidiary of HSBC Holdings plc. The net asset value of the
business to be transferred was EUR1.28 million at 31 January 2003.

The transaction is subject to approval from Comision Nacional del Mercado de
Valores (CNMV), the Spanish Stock Market regulator.


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