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ATB’s new GIC now available to investors
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edmontonjournal.comSeptember 1, 2009Comments (1)& | X6 T! `% J4 D
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' O1 V* b! E+ y' k0 ^1 F, M' YEDMONTON — 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.! `0 `& ?. ?5 l) B5 {" e
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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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: L& u/ i2 ?" n" W7 GThe 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 $7 billion, ATB said at the time.. ^+ p$ V9 g! X( c' }8 G, `1 d
, s3 ] h' c! p1 P' OFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.9 ]4 E4 e9 Y+ s7 ^# T3 {6 @) {9 i
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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.1 g2 h; N* K5 O0 ?# k! v1 u
8 v m! \8 [' S, [( y2 b“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”9 K( I6 h2 _3 g; v; S0 b3 W
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The GICs will be available for a limited time only. |
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