HSBC Sells Stake in Vendcrown

HSBC Holdings PLC
28 January 2004


                         HSBC SELLS STAKE IN VENDCROWN

HSBC Insurance Brokers Holdings Limited has sold its minority investment in
Vendcrown Limited to MBNA Europe Bank Limited for £32 million in cash. The sale
is the realisation of a profitable minority investment for HSBC.

All of the existing shareholders in Vendcrown Limited, including Electra
Partners, have also sold their stakes to MBNA Europe Bank Limited. Vendcrown
Limited is the parent company of Premium Credit Limited, the UK's leading
provider of installment finance facilities to cover the cost of insurance
premiums for the insured.

Notes to editors:

HSBC Holdings plc
With over 9,500 offices in 79 countries and territories, and assets of US$983
billion at 30 June 2003, the HSBC Group is one of the world's largest banking
and financial services organisations.


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