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ATB’s new GIC now available to investors
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edmontonjournal.comSeptember 1, 2009Comments (1)
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# L7 w1 M' W" z! OEDMONTON — 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.3 k2 X. ^. ]; L4 \9 y! q7 q9 D# w4 W, i
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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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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 $7 billion, ATB said at the time.
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$ F, |+ h% m6 p0 JFunds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.
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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.# ?; G- ^- T3 m1 O$ W B5 x
5 d/ x. X- b$ |# K: v" W" T+ f“Every dollar invested in an ATB Alberta Growth Note will be put to work, building Alberta’s economy and helping businesses grow.”3 P) m# E/ C* P5 Y
$ A" [6 c9 @; OThe GICs will be available for a limited time only. |
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