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ATB’s new GIC now available to investors
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5 z3 a& \' W) r( Medmontonjournal.comSeptember 1, 2009Comments (1)5 w" X+ r7 ^6 X& ^/ a
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. V3 i% l% G) u8 l0 V3 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.8 g" J+ I! u; M, z& R
3 f( X2 {% n/ O/ r+ J+ NThe 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.6 ~' J& J% _0 g$ _' e- t+ e
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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 $7 billion, ATB said at the time.
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.
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“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.
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3 i" _" Y$ V' X7 E“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”0 v r! ?/ l! K
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The GICs will be available for a limited time only. |
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