Taking ATB Public
Jun 22, 2017
Proposal would take 40% of ATB Financial public and reinvest funds into Schweitzer’s plan to get Albertans back to work.
Alberta conservatives deserve to know about the policies of their leadership candidates, and today Doug Schweitzer announced the third part of his plan to create jobs, get spending under control, and get Albertans back to work through a 40% public offering of ATB Financial and reinvestment of proceeds into community infrastructure and venture capital for Alberta. Today’s announcement builds on Schweitzer’s 9/6/3 Plan to reset public sector wages and his 2 for 1 business regulation initiative.
The estimated $1B minimum of proceeds generated from this public offering would be re-invested 50/50 in Alberta through:
- A community infrastructure fund to provide much needed investment in sports, community and cultural facilities across Alberta; and,
- A Venture Capital fund run independently by AIMCO that will be used to invest in Alberta start-ups and small businesses.
ATB Financial is a valuable asset and has a positive legacy in providing important services to rural communities and small businesses across the province. With a 40% public offering, including a two-week exclusive investment period for Albertans, ATB Financial will continue to operate as a crown corporation for the benefit of Albertans, while also being held to increased levels of accountability in the public market. Alberta is the only province that owns a bank.
“We can’t afford to be complacent when our family, neighbours, and friends are out of work. A 40% public offering of ATB will allow us to invest in a plan that gets Albertans back to work.
We know ATB does good work and serves rural Albertans, agribusiness, and small business, particularly well. That relationship with Albertans shouldn’t end and that’s why the Alberta government would maintain majority ownership under my plan.
This initiative supports the entrepreneurial spirit of our province through an independently run venture capital fund that will help start new businesses and create jobs. The plan also provides funds for much needed investment in sports, community and cultural facilities across Alberta. This will strengthen our communities while creating new jobs.
- Doug Schweitzer, candidate for leader of the United Conservative Party
Further details of Schweitzer’s plan to get Albertans back to work will be released in the weeks ahead.