Regulatory Approvals Received for RNYC Acquisition

HSBC Holdings PLC
7 December 1999


 HSBC HOLDINGS AND REPUBLIC NEW YORK CORPORATION RECEIVE
                  REGULATORY APPROVALS

HSBC Holdings (HSBC) and Republic New York Corporation
(RNYC) have received approval from the US Federal Reserve
Board for HSBC to acquire RNYC. With the New York State
Banking Department having given its approval on 2
December, HSBC and RNYC have now obtained the United
States regulatory approvals required to complete the
acquisition. HSBC has also commenced a tender offer for
all of the shares of Republic's European affiliate Safra
Republic Holdings S.A. (SRH) which requires shares to be
tendered by 29 December 1999.

HSBC and RNYC have scheduled the closing of the
acquisition of RNYC and of SRH shares tendered for 31
December 1999. Payment to stockholders of Republic will
commence on 7 January and to shareholders of SRH who
accept the offer on 10 January 2000.