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ATB’s new GIC now available to investors
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- u. F( W% h5 oedmontonjournal.comSeptember 1, 2009Comments (1)2 |, a( j# [8 {' K$ a4 R4 m8 b
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* s1 ^( F% q( ]# F: V: L. b% h3 UEDMONTON — 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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! |' V# t! w* u8 J; n, F) o* `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.% E" _( J1 h. p' L5 Q4 l
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.
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, T, j4 \- i4 m7 H“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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9 u/ W% J- c' ?' W6 i“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”+ q" a/ J9 g) k% X. C9 i
% O/ A5 D E' o% uThe GICs will be available for a limited time only. |
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