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ATB’s new GIC now available to investors
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! ^' v8 e" F5 p! D5 D4 L6 zedmontonjournal.comSeptember 1, 2009Comments (1)6 @" p7 F0 S" ]; U
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5 O9 t* y) s Z) y: R5 {* BEDMONTON — 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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The 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.
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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 $7 billion, ATB said at the time.+ o) Y/ `! P% Z9 L* P- @+ }* b
- Q- A! I4 l+ I" |! v% |/ A2 ?Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.
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C8 h# L$ }$ A5 |/ T% B, _5 a“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO., B( f, I7 f; _; s
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“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”2 H% o3 ^" [, H6 a* b1 p
! s: `+ F3 ? `/ G! X2 L) _( SThe GICs will be available for a limited time only. |
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