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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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- \: W8 T- v& v. m8 uEDMONTON — 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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4 P' u7 x; k5 k" ]4 h# J3 @9 ZThe 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.: ]/ N- J% s6 l% C4 @; x8 d$ G. s7 e7 y
" c3 b- {0 Z. h: @+ P- pThe 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 $7 billion, ATB said at the time.1 E$ I% r/ S& w& O( t
' ?" _4 j7 R7 t+ k2 \8 o u' TFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.) u1 o" y$ s5 u8 r# w- c* K
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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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, E7 j$ l7 G1 ]- r8 t; Y5 d% H“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”0 K* S5 e& z9 A5 F' l5 ?
h" `% @ B) K8 z* h8 K# I) V# ~The GICs will be available for a limited time only. |
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