HONG KONG/LONDON, Oct 29 (Reuters) - HSBC Holdings ( HSBC )

reported a 10% rise in third-quarter profit on Tuesday,

beating analyst estimates, as it benefited from

slower-than-expected rate cuts while it is embarking on one of

the largest overhauls in its history.

Europe's largest bank posted pretax profit of $8.5 billion

for the July-to-September period versus $7.7 billion a year

earlier.

The result compared with a $7.6 billion mean average of

broker estimates compiled by HSBC ( HSBC ).

The London-headquartered, Asia-focused bank also announced

an additional share buyback of up to $3 billion, on top of a $6

billion buyback programme announced earlier this year.