FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                        Report of Foreign Private Issuer
                    Pursuant to Rule 13a - 16 or 15d - 16 of
                      the Securities Exchange Act of 1934

                          For the month of March 2006

                               HSBC Holdings plc

                              42nd Floor, 8 Canada
                        Square, London E14 5HQ, England


(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).

                          Form 20-F X Form 40-F ......

(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).

                                Yes....... No X


(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)




              HSBC FRANCE SELLS ISSUER SERVICES BUSINESS TO CACEIS

HSBC  France  has sold its issuer  services  business  to CACEIS for  EUR410,000
(US$492,533).

The sale relates to the  management  of registered  share  account  activity for
issuing companies. These accounts will be transferred to CACEIS Corporate Trust,
the issuer  services  subsidiary of CACEIS,  commencing in the second quarter of
2006, through to December 2006.

HSBC France  intends to focus on its stock  option  scheme and bonus share issue
management businesses which are not included as part of this sale.

The deal will enable CACEIS to strengthen  its market  position in line with its
growth strategy.  Clients will benefit from the experience and long-term support
offered by the company.

Notes to editors:

1. HSBC Holdings plc

HSBC Holdings plc serves over 125 million customers worldwide through some 9,500
offices in 76 countries and territories in Europe, the Asia-Pacific  region, the
Americas,  the Middle  East and Africa.  With  assets of US$1,502  billion at 31
December 2005, HSBC is one of the world's largest banking and financial services
organisations. HSBC is marketed worldwide as 'the world's local bank'.

2. CACEIS

CACEIS combines the securities  services  business lines of Credit Agricole S.A.
and  Caisse  Nationale  des  Caisses  d'Epargne,  dedicated  to  depositary  and
custodial  services,  fund  administration and issuer services for institutional
and corporate clients.  Present in six European  countries (France,  Luxembourg,
Ireland,  Spain,  Belgium  and  the  Netherlands)  and  with a  total  of  2,400
employees,  CACEIS is one of the world's  frontranking  providers  of  custodial
services with  EUR1,547  billion in assets,  and is one of the leading  European
fund   administrators   with  a  total  of  EUR746   billion  of  assets   under
administration (figures as at 31 December 2005). www.caceis.com


                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                               HSBC Holdings plc

                                                By:
                                                Name:  P A Stafford
                                                Title: Assistant Group Secretary
                                                Date:  17 March 2006