PCIB Savings Bank

HSBC Hldgs PLC
29 December 2000


       HSBC COMPLETES ACQUISITION OF PCIB SAVINGS BANK

HSBC, through The Hongkong and Shanghai Banking Corporation 
Limited, today completed its acquisition of 100 per cent of 
PCIB Savings Bank from Equitable PCI Bank Inc for a total 
consideration of PHP1.1 billion (approximately US$22 million) 
in cash.

On 1 January 2001, HSBC will assume management control of
PCIB Savings Bank, which will be renamed HSBC Savings Bank
(Philippines) Inc subject to regulatory approval. The bank
will complement HSBC's existing operations in the Philippines 
and will focus on providing financial services to personal 
and middle-market customers through its 16 branches in the 
metro Manila area.

HSBC's five existing branches will continue to provide
corporate, commercial and personal financial services to
high-end customers.

'HSBC Savings Bank will allow us to expand our personal
banking business in the Philippines and bring HSBC's
international reach and expertise to a wider customer base
in metro Manila,' said Paul Lawrence, chief executive
officer of HSBC in the Philippines.

Customers of HSBC Savings Bank (Philippines) Inc will
continue to have access to the bank's existing deposit and
home loan products. However, they will also have access to a
range of additional products and services such as integrated
accounts, credit cards and investment services. Starting on
2 January, customers will be offered the Classic Account
Package, which provides convenience and flexibility through
consolidated account statements.

Notes to editors
1. HSBC in the Philippines
The Hongkong and Shanghai Banking Corporation Limited opened
its first branch in the Philippines in 1875. Operating under
a universal banking licence, HSBC now provides personal
financial services through five branches in metro Manila and
Cebu City and is a leading provider of corporate and
institutional banking and treasury and capital markets
services. HSBC also offers personal financial services
through the 16 branches of PCIB Savings Bank in metro
Manila.

2. HSBC Holdings plc
The Hongkong and Shanghai Banking Corporation Limited is a 
subsidiary of HSBC Holdings plc. With some 6,000 offices in 
81 countries and territories and assets of over US$580 billion
at 30 June 2000, the HSBC Group is one of the world's largest banking
and financial services organisations.