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ATB’s new GIC now available to investors
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% I" c0 a9 I0 H# C; hedmontonjournal.comSeptember 1, 2009Comments (1)
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/ h) V, m6 n( h1 wEDMONTON — Tuesday marked the first day investors could purchase a new GIC that ATB Financial says will help fellow Albertans and businesses hurting due to tight credit markets.3 d4 v+ [9 M' W9 P6 ], o
2 O( M" M2 d1 c- n- P- }5 l1 VThe ATB Growth Note will be a five-year guaranteed investment certificate with a 4.25-per-cent interest rate, announced the provincial Crown corporation and Edmonton-based financial institution on Tuesday.& w5 } L& X8 u1 a
7 O {* ]& z: O/ F1 K+ c5 p4 R" UThe initiative was first revealed in July as part of a commitment by ATB to increase its lending capacity to small business to offset the effects of tight credit markets by as much as $15 billion. Changes to ATB’s notional capital requirements will increase its lending capacity by about $8 billion and the investment deposit product would raise another $7 billion, ATB said at the time.
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.' R9 X0 ^, q1 A- ?3 H, v+ l( Y; B
3 y0 d$ b9 z t1 U% Y“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.
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7 c: h# ~" e! x/ Z6 g- j- G* a4 `“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”6 {9 _ U2 S( C7 l' ^
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The GICs will be available for a limited time only. |
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