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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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) `+ C, M: D8 K+ ~EDMONTON — 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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3 F3 B, _% e9 F; q, D5 r( }8 m! y- B" CThe 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.) u* e$ D. B6 N( D V% j& S
' k u! H: ?4 T! iThe 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 $7 billion, ATB said at the time.
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.
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“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.
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“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”* _/ P% C. G$ O! L# Q7 _: I8 E" H/ k
- j4 |; N2 i; Z) l" k/ mThe GICs will be available for a limited time only. |
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