Exhibit 20

HSBC [LOGO]

FOR IMMEDIATE RELEASE

                    HSBC USA TO SEEK NATIONAL BANKING CHARTER

New York, NY, March 22, 2004-- HSBC USA Inc. today announced that it will apply
to the Office of the Comptroller of the Currency (OCC) to consolidate its
banking operations under a single national charter combining its New York State
chartered bank, HSBC Bank USA, with its national trust company, HSBC Bank &
Trust Company (Delaware), N.A.

The newly formed HSBC Bank USA, N.A. will have its main office in New Castle,
Delaware and will continue to be managed from HSBC's New York City and Buffalo
offices. The charter consolidation will not impact the business conducted out of
HSBC bank branches in New York and around the country which will continue to
deliver the highest levels of customer service and commitment to the communities
we serve.

HSBC USA is the 10th largest bank holding company by assets in the U.S. Martin
Glynn, president and CEO of HSBC Bank USA said, "We are positioning ourselves
for growth in the U.S., and in order to have a national presence, we require a
national platform with one uniform set of regulations. A national charter will
put HSBC on a level playing field with other major U.S. banks and allow us to
grow our business both here in New York state and across the country."

This consolidation is part of an internal reorganization of the HSBC's North
American banking business following last year's acquisition of Household
International. HSBC will continue to offer a wide range of products and services
to its customers and will be expanding its product offerings.

This application does not involve Household's retail consumer lending branch
network (the HFC and Beneficial brands) and will have no impact on how those
offices are regulated.

Subject to regulatory approval, the transaction should be completed by the end
of the second quarter, 2004.

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HSBC USA TO SEEK NATIONAL BANKING CHARTER - Page Two

About HSBC USA Inc.

HSBC USA Inc, a New York State based bank holding company, is one of the
nation's top 10 bank holding companies by assets. It is an indirectly-held,
wholly-owned subsidiary of HSBC Holdings plc (NYSE: HBC). The HSBC Group,
headquartered in London, has over 9,500 offices in 79 countries and territories
and is one of the world's largest banking and financial services organizations.

The Company's principal subsidiary is HSBC Bank USA, which has more than 400
branches in New York State giving it the most extensive branch network in New
York. The bank also has 10 branches in Florida, one in Pennsylvania, five in
California, one in Washington, one in Oregon, and 15 in Panama.

For more information on HSBC USA Inc, or HSBC Bank USA and its products and
services please visit www.us.hsbc.com.

About Household International, Inc.

Household International, Inc., based in Prospect Heights, Ill., is a wholly
owned subsidiary of HSBC North America Holdings, Inc., one of the top 10
financial services holding companies in the United States. Household's
businesses are leading providers of consumer loans, credit cards, auto finance
and credit insurance products in the United States, United Kingdom and Canada.
In the United States, Household companies operate under the two oldest and most
recognized names in consumer finance - HFC and Beneficial. Additionally,
Household's businesses are some of the nation's largest issuers of private label
and general-purpose credit cards, including The GM Card(R) and the AFL-CIO's
Union Plus(R) card. For more information, visit www.household.com.

Media Inquiries: Linda Stryker-Luftig
                 P: 212-525-3800
                 linda.stryker-luftig@us.hsbc.com