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ATB’s new GIC now available to investors
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( U3 z# f% d/ Wedmontonjournal.comSeptember 1, 2009Comments (1)7 N) b* e5 ~( g4 K# a* p
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1 g1 }7 j8 j [$ OEDMONTON — 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.
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! n y+ z/ D/ q1 f6 QThe 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.1 D1 R1 ^8 y& |
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The 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 $7 billion, ATB said at the time.0 ?6 u3 [6 J5 ~8 r0 }' L% k
" \9 |' V) ?3 `/ @- x8 g2 OFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.5 X; t. N; V8 f- i7 B+ D
* G$ G- R7 [+ Z3 n# t4 f“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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; D1 z4 Z: I: K! Y F% K“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”5 ~& d3 T4 N# a* O" i7 O
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The GICs will be available for a limited time only. |
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