News Release

HSBC USA Inc. and HSBC Bank USA Announce New Senior Management for Merged Organization

15 December 1999

Following regulatory approval and the approval by the stockholders of Republic New York Corporation (RNYC) of the proposed acquisition of RNYC and Republic National Bank of New York, its subsidiary, by HSBC Holdings plc (HSBC), HSBC has named the senior management team for HSBC USA Inc. and HSBC Bank USA.

The appointments will become effective after the closing of the acquisition which is expected to take place on December 31, 1999.

As previously announced (November 15), Youssef Nasr becomes president and chief executive officer of HSBC USA Inc. and HSBC Bank USA. Formerly president and chief executive officer of HSBC Bank Canada, Mr. Nasr replaces Malcolm Burnett, who is to retire from the HSBC Group after 33 years of service.

Mr. Nasr will lead the following team, which forms the new senior management committee of the combined banks.

Elias Saal, currently vice chairman of RNYC, becomes senior executive vice president of treasury and international private banking, with responsibility for the treasury, foreign exchange, notes, precious metals and international private banking businesses.

Sandy Flockhart becomes senior executive vice president of retail banking, taking responsibility for personal banking, mortgage and consumer finance. Mr. Flockhart, was previously managing director of the Saudi British Bank, an associate of HSBC Holdings plc.

Rob Muth, formerly chief administrative officer for HSBC Bank USA, will become senior executive vice president of administration. He will manage Operations, Information technology, facilities, marketing, human resources, Group Public Affairs, e-commerce and quality.

Iain Stewart remains chairman of HSBC Securities, Inc. and will have functional oversight for HSBCs investment banking and markets businesses in the Americas. Mr. Stewart, an HSBC international officer, was previously the Group treasurer in London.

George Wendler, currently vice chairman of RNYC, becomes senior executive vice president and chief credit officer.

Bob Butcher, currently executive vice president and chief financial officer for HSBC Bank USA, becomes senior executive vice president and chief financial officer.

Paul Lee, currently general counsel of RNYC, becomes senior executive vice president and general counsel of HSBC USA Inc.

Leslie Bains, currently RNYC's executive vice president of domestic private banking, becomes senior executive vice president domestic private banking. Investment services, asset management, and insurance will report to her.

Vito Portera, currently vice chairman of RNYC, becomes senior executive vice president of corporate banking. He will manage corporate banking, commercial lending, commercial real estate, factoring, global payments and cash management, as well as the current RNYC California operation.

Vince Mancuso, currently Executive vice president and Group audit executive, HSBC Bank USA, becomes senior executive vice president and Group audit executive.

Phil Toohey, currently executive vice president and general counsel and secretary, HSBC Bank USA, becomes senior executive vice president and corporate secretary. He will also act as general counsel for HSBC Bank USA.

Mr. Nasr said: "I believe we have put together a powerful, balanced team which combines the talents and strengths of individuals from both banks. Over the next few weeks, these executives, working with the integration team and me, will conduct a full review of their respective organizations including the appointment of key personnel. The results of this process will be announced in due course."

Dov Schlein, currently chairman and chief executive officer of RNYC, has agreed to serve as a consultant to the HSBC Group with an initial focus on Israel.

After the acquisition, HSBC Bank USA will have 455 branches in New York and two in Pennsylvania. It is an indirectly held, wholly owned subsidiary of HSBC Holdings plc, which is headquartered in London. With over 5,000 offices in 79 countries and territories and assets of US$497 billion at June 30, 1999, the HSBC Group is among the worlds largest banking and financial services organizations.