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 November, 2007

                               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- ..............)



                         UK CASH HANDLING JOINT VENTURE

HSBC Bank plc today  announces that it has agreed with Barclays Bank PLC to form
a 50:50  joint  venture to manage  the UK cash  handling  operations  of the two
banks.  The joint venture has acquired the fixed assets and operations of Loomis
AB's cash handling  business in the UK, Loomis Cash Management  (LCM). Each bank
has made an equity injection of GBP5 million into the new entity,  which will be
known as Vaultex UK Limited.

The  announcement  follows a statement issued by Securitas AB on 26 July that it
had signed a Heads of Terms  agreement  with HSBC Bank plc and Barclays Bank PLC
regarding its  intention to exit the cash handling  services it provides the two
banks  through  LCM. The Heads of Terms  contemplated  that the exit would occur
during the fourth quarter of 2007.

Note to editors

HSBC Bank plc HSBC serves 15.7 million customers in the UK and employs more than
40,000 UK staff. HSBC is Britain's most recommended big bank. HSBC Bank plc is a
wholly owned  subsidiary  of HSBC  Holdings plc, and a member of the HSBC Group.
HSBC Holdings plc serves over 125 million  customers  worldwide  through  around
10,000  offices in 83 countries  and  territories  in Europe,  the  Asia-Pacific
region, the Americas,  the Middle East and Africa.  With assets of some US$2,150
billion  at 30  June  2007,  HSBC  is one of the  world's  largest  banking  and
financial  services  organisations.  HSBC is marketed  worldwide as 'the world's
local bank'.




                                    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:  26 November, 2007