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ATB’s new GIC now available to investors
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edmontonjournal.comSeptember 1, 2009Comments (1)4 `. P6 ^: P! r6 z( w, ~3 L, t: p
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$ |5 t7 h2 D8 J" i! TEDMONTON — 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./ r! U# S' v5 B+ l2 o+ j: Y4 u; t+ ?
& z" |0 [6 R& g* K) ?4 }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.
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.1 V3 Y3 p! `( [# o5 z3 b
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“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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“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”' U. @5 p) ]- b0 V
# p1 T& u4 f, K; H3 h- KThe GICs will be available for a limited time only. |
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