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ATB’s new GIC now available to investors
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edmontonjournal.comSeptember 1, 2009Comments (1)% \8 f+ t4 u: V# p5 d8 ]) A; V j
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/ {$ I0 x3 D& B& |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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% j- t1 k @! T) t- C- YThe 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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# P( U/ v8 X9 j' ?8 e$ M/ l* 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 $7 billion, ATB said at the time., W: u2 F% z' {: Q H$ M; w
* l# l; l. u$ e$ M& VFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses." X/ T/ d _' d5 V
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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.4 ^1 b% ^7 j7 J7 E( f* P9 [ U
0 F1 B$ R# L/ ~& V“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”8 c. E4 d! N* x2 y4 @; {; Z l
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The GICs will be available for a limited time only. |
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