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ATB’s new GIC now available to investors
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edmontonjournal.comSeptember 1, 2009Comments (1)
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D. p. J! X/ l3 e/ ~2 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.; O1 e8 M3 z7 r1 U: d4 d
" r* H+ p6 A+ l- @: R- c# P: z' R# |( MThe 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 k3 a* A6 V- C/ E- K4 j' T
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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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% }6 Q/ P7 {* F; {7 U3 R- DFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.' B. N: p5 N" w" ~ K9 V% `
$ @- {3 K, R4 v& _ q. i" t“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.: j: t) H" d# @
9 ]/ W8 B! U9 M0 |, `“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”4 v) K" v X; c9 k
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The GICs will be available for a limited time only. |
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