The Bank of New York (BNY) announced today that Ambac Assurance UK Limited had chosen the bank provide paying agent and custody services for its European secondary market insurance program. The program facilitates the provision of a triple-A rated financial guarantee insurance policy covering bonds already in existence and trading in the European secondary markets.
“We are delighted to be expanding our relationship with Ambac UK by supporting this exciting new European offering,” says Steven Hodgetts, managing director and division head of global trust services at The Bank of New York. “Our corporate trust professionals have worked closely with Ambac UK to satisfy the company’s business needs. Ambac’s confidence in our ability to effectively service this program is evidence of The Bank of New York’s reputation for providing quality service.”
Ambac Assurance UK Limited is the UK subsidiary of Ambac Financial Group, Inc., which is headquartered in New York City. Ambac Financial Group is a holding company whose subsidiaries provide financial guarantee insurance and other financial enhancement services to clients in both the public and private sectors around the world. Ambac Assurance Corp., the principal operating company, is a triple-A rated financial guarantee
insurance company dedicated to insuring municipal and structured finance obligations.