Cullinan Finance was a

Structured investment vehicle A structured investment vehicle (SIV) is a non-bank financial institution established to earn a credit spread between the longer-term assets held in its portfolio and the shorter-term liabilities it issues. They are simple credit spread lenders, ...

(SIV) run by

HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...

with total asset portfolio around US$27 billion. It was established in 2005. As of 2007 it was managed by a team led by Dominic Swan, who previously led the SIV-rating department at

Moody's Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international ...

. It was notable for growing faster than any other SIV so far and was as of 2007 one of the six largest SIVs. On 26 November 2007, HSBC announced that it would rescue two SIV's, Cullinan Finance and Asscher, by moving them onto its balance sheet and providing up to $35 billion. As of 2008, Cullinan Finance Limited is in liquidation.

References

HSBC {{finance-company-stub