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ATB’s new GIC now available to investors
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edmontonjournal.comSeptember 1, 2009Comments (1)& C. }: o5 V6 E6 G! ~0 d
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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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* E; ?# f1 W: N0 y0 oThe 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.6 j; ~$ Y2 N& \# M3 z
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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 $7 billion, ATB said at the time.
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Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.0 Y4 F. v* G0 _% b& d9 Q( s
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“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.$ K: k( p# u9 L# C d
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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.”, s; C C! E! t! T9 q/ i1 n+ W
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The GICs will be available for a limited time only. |
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