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ATB’s new GIC now available to investors
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edmontonjournal.comSeptember 1, 2009Comments (1): _8 a* e' N4 y* u$ {* }; X3 X
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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.# h' ]0 S6 h2 T/ d- I2 g9 _( 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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8 @/ O# Y; D; }, J" C! h" ? @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 $7 billion, ATB said at the time.
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1 q8 L1 d! J, m5 @$ @& ^Funds raised by selling the notes will be used for loans to qualified Albertans and Alberta businesses.: _. g# x: Z/ ~' u! C
9 q7 n, i3 t+ `" D2 Z9 U& e/ J$ U“For the first time, we are offering every Albertan a great opportunity to invest directly in Alberta,” said Dave Mowat, ATB president and CEO.9 U# ?0 F9 ?; o) o3 V/ [" ?! O
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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.”
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/ X Y( S' \5 x, i/ h4 |The GICs will be available for a limited time only. |
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