News Release

Peter Merritt Joins HSBC Bank USA

29 January 2002

HSBC Bank USA today announced that Peter Merritt has joined the bank as a managing director and global head of metals trading. He succeeds Frederic Bogart who retired at the end of last year. Merritt will report to Joseph M. Petri, senior executive vice president, HSBC Bank USA, and head of treasury.

"Peter was our first choice to fill this important position," said Petri. "The wealth of knowledge and experience that he brings to HSBC and to our customers is truly impressive."

Merritt has more than 15 years experience trading metals and other commodities. He joins HSBC from Morgan Stanley where he served as global head of base metals trading and most recently as head of precious metals trading. While at Morgan Stanley, Merritt started a London-based base metals business; he was based in London from 1994 until 1997. He began his career in 1981 as an engineer for Raytheon Company.

"HSBC is known throughout the world as a leader in the precious metals market," observed Merritt. "Im pleased to be joining an organization known for its high level of expertise and look forward to the challenge of expanding the business into base metals."