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ATB’s new GIC now available to investors
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. P9 Z0 m# w* k6 u+ n9 Wedmontonjournal.comSeptember 1, 2009Comments (1)
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/ ]& J7 `1 j y% {1 P2 eEDMONTON — 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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# B# x9 L9 [" e7 |' eThe 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.5 {. F" b* a" ?% ^# G6 j
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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 $7 billion, ATB said at the time., B# W) b2 y, c' j
( c8 V/ t) _ x( m& }. J# s5 @Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.
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“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.) w$ D+ N r' _9 H: o; W/ n% d
4 j/ F% \; h" {" ]' o5 V/ e% C- _“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”
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{6 X" e6 X0 G7 {" O- g3 yThe GICs will be available for a limited time only. |
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