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ATB’s new GIC now available to investors
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( w- o+ h; p0 b4 Zedmontonjournal.comSeptember 1, 2009Comments (1)+ ~) N. f$ Z. U( V0 U4 Z3 z
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9 L& H S) |7 |) c8 GEDMONTON — 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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/ z) _' F# K4 i- j. ?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.3 @, N% [# a; [' |" B& x
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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 $7 billion, ATB said at the time.
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% {0 F* ]; Q* ]0 z3 P7 eFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.
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/ O" }' ^8 k$ a( S7 S“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.+ q7 O5 [5 F" L$ ]5 Z
M: W T' M5 a“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”4 {$ ~# d9 [' ~$ C F
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The GICs will be available for a limited time only. |
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