Exhibit 99.3 [Goldman, Sachs & Co. Letterhead] February 25, 2003 Board of Directors Household International, Inc. 2700 Sanders Road Prospect Heights, IL 60070 Re: Registration Statement on Form F-4 (File No. 333-102027) of HSBC Holdings plc -------------------------------------------- Ladies and Gentlemen: Reference is made to our opinion letter, dated November 14, 2002, with respect to the fairness from a financial point of view to the holders of the outstanding shares of Common Stock, par value $1 per share (the "Shares"), of Household International, Inc. (the "Company") of the exchange ratio of 2.675 ordinary shares, nominal value US$0.50 each, of HSBC Holdings plc ("HSBC") to be received for each Share pursuant to the Agreement and Plan of Merger, dated as of November 14, 2002, by and among HSBC, the Company and H2 Acquisition Corporation. The foregoing opinion letter is provided for the information and assistance of the Board of Directors of the Company in connection with its consideration of the transaction contemplated therein and is not to be used, circulated, quoted or otherwise referred to for any other purpose, nor is it to be filed with, included in or referred to in whole or in part in any registration statement, proxy statement or any other document, except in accordance with our prior written consent. We understand that the Company has determined to include our opinion in the above-referenced Registration Statement. In that regard, we hereby consent to the reference to our opinion under the captions "Summary -- Goldman, Sachs & Co. and Keefe, Bruyette & Woods, Inc. consider the merger consideration fair, from a financial point of view, to Household common stockholders and holders of non-redeemable preferred stock, respectively," "The Merger -- Background of the Merger," "The Merger -- Household's Reasons for the Merger," "The Merger -- Opinion of Household's Financial Advisor Relating to Common Stock," and "Annex B -- Opinion of Goldman, Sachs & Co." and to the inclusion of the foregoing opinion in the Proxy Statement/Prospectus included in the above-mentioned Registration Statement, as amended. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission thereunder. Very truly yours, /s/ Goldman, Sachs & Co - ----------------------- (GOLDMAN, SACHS & CO.)