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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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" X7 y) i9 G. 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.# L3 I8 W. t. f% p) c% f* ?8 `
2 `- i# v/ N9 _- B" |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.5 F2 ^ R: e0 y3 `' y3 L8 r+ Q
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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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4 C# z' o- M7 WFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.; Y6 o9 Z( O+ C3 t
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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.”
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F* D! k1 F1 H' \& @" }The GICs will be available for a limited time only. |
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