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ATB’s new GIC now available to investors
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edmontonjournal.comSeptember 1, 2009Comments (1). D3 Z6 n; A) _, q9 ~! R
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4 t, e9 s6 o" TEDMONTON — 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.; y0 x# `# K3 [- M4 b. `7 y
4 W& w$ c4 ?) r) [# y4 hThe 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., k* R% T8 G2 j, @; ?* ~. i
& S5 z8 W. S6 L% {9 wThe 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.7 z6 H/ H8 _! s i t( j! H- z
: S0 b( x6 E) j4 f, f7 _) fFunds 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.- Q6 A, v- H2 U: x
6 u+ j5 D' M; e4 C“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”( q; C. P. Q7 g2 f* c
" ?7 i' W; O6 cThe GICs will be available for a limited time only. |
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