Public Tender/Exchange Offer for Safra Republic

HSBC HOLDINGS PLC
25 October 1999


   HSBC EXTENDS PUBLIC TENDER/EXCHANGE OFFER FOR SAFRA
                 REPUBLIC HOLDINGS S.A.

HSBC has extended to 5:00pm (Luxembourg/Swiss time) on 30
November 1999 the expiration of the offer period for its
public tender/exchange offer for all issued shares of
common stock, par value USD2.50 each, of Safra Republic
Holdings S.A. not owned directly or indirectly by
Republic New York Corporation or Safra Republic. HSBC
previously had extended the offer period to 5:00pm
(Luxembourg/Swiss time) on 29 October 1999. HSBC has
been advised that approximately 20,784,080 shares have 
been tendered and not withdrawn pursuant to the Offer.

Republic has announced previously that it is
investigating certain activities of the Futures Division
of Republic New York Securities Corporation. In light
of, among other matters, the facts uncovered by the
continuing investigation and the timing and status of
regulatory approvals and the Republic stockholder meeting
to be held to approve the Merger, HSBC may determine,
subject to the terms and conditions of the Transaction
Agreement and Plan of Merger, dated as of 10 May 1999,
among HSBC, Republic and Safra Republic and the Offer
Prospectus dated 1 September 1999, to extend the Offer
Period again on one or more occasions. As announced 
previously, while reserving all rights that it may have 
under the Transaction Agreement, HSBC continues to work 
with Republic and Safra Republic toward closing of the 
Republic merger and the Safra Republic tender/exchange 
offer in accordance with the Transaction Agreement.

HSBC will publish a formal notice of extension as soon as
possible in accordance with the provisions of the Offer
Prospectus.

By way of variation of the terms and conditions of the
Offer contained in the Offer Prospectus, holders of Safra
Republic common stock who tender their shares at any time
prior to the expiration of the Offer (including any
further extension thereof) will be permitted to withdraw
their tenders, should they choose to do so. Shareholders
who wish to withdraw tendered shares of Safra Republic
common stock should follow the procedures set forth in
the prior notice of extension published in the
Luxemburger Wort on 30 September 1999 and in Le Temps and
Neue Zuercher Zeitung on 29 September 1999. The
withdrawal procedures were also included as Annex A to
the press release issued by HSBC on 28 September 1999,
which is available from HSBC's website at www.hsbc.com.

The Offer is being made to holders of Safra Republic
common stock solely by means of the Offer Prospectus
dated 1 September 1999 and the green Acceptance Forms
(other than for United States shareholders, who should
also receive the blue Supplemental Offer Document for
United States Shareholders dated 1 September 1999 and the
yellow Acceptance Forms for United States Shareholders).
Copies of the Offer Prospectus, blue Supplemental Offer
Document for United States Shareholders, green Acceptance
Forms and yellow Acceptance Forms may be obtained from
Republic National Bank of New York (Luxembourg) S.A., 32
boulevard Royal, L-2449 Luxembourg (Telephone: [phone]-
31-221) or from UBS AG, Bahnhofstrasse 45, 8098 Zurich,
Switzerland (Telephone: [phone]). United States
holders of Safra Republic common stock may obtain the
Offer Prospectus, the blue Supplemental Offer Document
for United States Shareholders and the yellow Acceptance
Forms from HSBC Bank USA, the U.S. Forwarding Agent for
the Offer, at HSBC Bank USA, Issuer Services, 140
Broadway, Level A, New York, NY 10005-1180 (Telephone:
800-662-9844).