AMBAC FINANCIAL GROUP, INC. HIRES NANCY S. FOX TO HEAD NEW SYDNEY OFFICE
News Release
April 4 , 2001 - New York, NY: Ambac Financial Group, Inc. (NYSE: ABK) today announced the appointment of Nancy S. Fox, Managing Director, to head Ambac's new office in Sydney, Australia, scheduled to open on April 30. She will report to Douglas C. Renfield-Miller, Managing Director, who has overall responsibility for Ambac's efforts in Asia, Australia and the emerging markets.
Mr. Renfield-Miller noted, "Ambac is already a major guarantor of transactions in the Australian market, particularly in the utility and project finance sectors. Nancy, with her expertise in securitization and years of experience in Asia, will help drive Ambac's efforts to grow and broaden its business in the region".
Prior to joining Ambac, Ms. Fox was Managing Director and Head of Asset Securitization in the Structured Finance Division of ABN AMRO, Sydney. Prior to ABN AMRO, she was Divisional Director, Project and Structured Finance Division at AIDC Ltd., Sydney, and was with Citibank in Tokyo and Sydney. She received her BA from Rutgers University, New Jersey, and her JD from Seton Hall School of Law, New Jersey.
The new Sydney office is a part of Ambac's ongoing globalization initiative, which includes the opening of its Tokyo office this past February. As a result of its consistent focus on global opportunities, Ambac's international business, as measured by premiums written, has grown by over 250% since 1997.
Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac Assurance Corporation is the principal operating subsidiary of Ambac Financial Group, Inc. Ambac Assurance, a leading guarantor of municipal and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service, Inc., Standard & Poor's Credit Markets Services, Fitch and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).