News Release

HSBC Bank USA to be Patron Sponsor of 2002 Dragon Boat Festival

1 August 2002

HSBC Bank USA has announced that it will again be the patron of the Hong Kong Dragon Boat Festival, which will be take place, Saturday, August 10th, 2002, and Sunday, August 11th, 2002, in Flushing Meadows Corona Park, Queens, NY. This is the 12th consecutive year that HSBC has sponsored the race. The banks continued involvement in the Festival reflects its commitment to New York Citys Asian community and its interest in strengthening cultural and business ties between New York and Asia.

Dragon boat racing has evolved from a 2,000-year old Chinese tradition based on a legendary attempt to rescue an idealistic poet who drowned himself, to protest the emperors policies. The legend has it that boaters raced through the water in an attempt to rescue him, throwing rice so the fish and water dragons would leave the poets body alone.

"Today, you can find dragon boat races, which honor this legend, in a surprising number of the markets in which HSBC operates," observes Paul Ho, District Executive, HSBC Asian Market Branches. "Its an opportunity for all of us, regardless of our cultural backgrounds, to enjoy the ancient and exciting Chinese tradition of dragon boat racing."

In addition to New York, Ho noted that Dragon Boat races are held in several major cities where HSBC has a presence including Boston, Montreal, Philadelphia, Toronto, and Vancouver.

HSBC offers special banking services to New York Citys Asian population through select HSBC branches, including nine retail branches located in Chinatown in Lower Manhattan, in Sunset Park, Brooklyn, and in Elmhurst and Flushing in Queens. HSBC also has Asian market branches in Philadelphia, and Oakland, California.