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ATB’s new GIC now available to investors
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* ~2 R E% g0 [2 j7 iedmontonjournal.comSeptember 1, 2009Comments (1)/ h3 U1 B( I0 v, k3 j
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1 S) _6 P) n/ C& h/ ?6 \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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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.
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' r# D" X* o6 V( ZThe 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 $7 billion, ATB said at the time.& s5 Z7 P7 u7 _8 }: f
0 A) r3 A9 N4 \; N; x+ Y, ~Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.- }$ R2 Q) o3 Z3 X/ p# _
! G$ e" V) } H, z4 t$ i, T“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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The GICs will be available for a limited time only. |
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