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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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# F7 F2 _0 h5 A3 h% g: C2 DEDMONTON — 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.$ E" C9 q4 I- B9 _) n2 D( U
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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.+ [* Y% M/ Q u; o+ V: w# t
[/ e) s3 h% n% W5 oThe 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.# z' ]7 \- q4 H% `* u
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.# [" p, a: a5 m9 \. u5 v
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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.7 y& y3 J3 c3 r
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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.”
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; v; |4 \1 f' W* t, V# k' ~The GICs will be available for a limited time only. |
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