AMBAC FINANCIAL GROUP, INC. OPENS NEW OFFICE IN TOKYO
News Release
February 13, 2001 - New York, NY: Ambac Financial Group, Inc. (NYSE: ABK) announced that it has opened a new office in Tokyo, Japan, as of February 5, 2001. The representative office is located in the Otemachi Financial Center, adjacent to that of Ambac's alliance partner in Japan, Yasuda Kasai Financial Guarantee Insurance Co. Ltd. Hideshi Amemiya is Ambac's Representative Director of the office.
Robert J. Genader, Ambac's President and Chief Operating Officer noted, "We believe that Ambac, together with our partner YKFG, can greatly expand the market for structured products in Japan. Our alliance represents a powerful combination of two triple-A financial guarantors. It's the right time and the right combination of companies for what we expect to be a significant market."
Over the past five years, Ambac has expanded rapidly into new lines of business, both domestically and internationally. In 2000, structured finance and international finance represented over 60% of Ambac's adjusted gross premiums written. Ambac currently has offices in New York, London and now Tokyo.
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).