Editing ATB Financial (section)

==Controversies==
===West Edmonton Mall scandal ===

In 1998 ATB filed a lawsuit against the former acting superintendent of the bank and the [[Ghermezian family]] alleging the family [[bribed]] the official to issue a commercially unreasonable [[loan guarantee]] for [[West Edmonton Mall]]. The $65-million, 30-year loan in question was issued at no interest, and fully guaranteed a $353.5-million loan provided by [[Toronto Dominion Bank]], both occurring on October 31, 1994. The loan agreement also provided unusual concessions such as allowing dividends to continue to be paid, prevents ATB from initiating foreclosure proceedings for 20 years and included a lease that allowed the Ghermezian family the right to manage the mall for 99 years.<ref>{{cite news |last1=Bennett |first1=Dean |title=Mall owners call ATB allegations 'a conspiracy' |work=[[Calgary Herald]] |agency=The Canadian Press |date=August 29, 1998 |location=Edmonton |page=A5}}</ref> The former superintendent claimed the financing occurred on the orders of Premier [[Ralph Klein]] and other provincial politicians, although a probe by the auditor general found no evidence of government direction. The lawsuit was settled in December 2002, with details of the settlement remaining private.<ref>{{cite news |last1=Brethour |first1=Patrick |title=Ghermezians, ATB reach deal |url=https://www.theglobeandmail.com/report-on-business/ghermezians-atb-reach-deal/article25428729/ |access-date=March 26, 2021 |work=[[The Globe and Mail]] |date=December 21, 2002 |location=Calgary}}</ref>

===Privatization===

Throughout its history ATB Financial has remained a prominent candidate for proponents of [[privatization]] in Alberta. Under Premier [[Ralph Klein]] the Government of Alberta moved to privatize government corporations and services. The Klein mantra of "getting government out of the business of business" applied to several government owned businesses that competed against similar private companies. ATB as a financial institution competed against chartered banks and credit unions, making it prime target for privatization.{{sfn|Ascah|Anielski|2018|p=16}} The government review led by Gordon Flynn recommended privatization; however, support from the [[Progressive Conservative Association of Alberta|Progressive Conservative]] rural caucus,{{sfn|Ascah|Anielski|2018|p=17}} and the ongoing and high-profile West Edmonton Mall lawsuit in the late 1990s created significant uncertainty for the value of ATB, scuttling any plans for privatization.{{sfn|Ascah|Anielski|2018|p=18}}

In its 2018 report, the [[Parkland Institute]] argued against privatization of ATB Financial noting the policy implications available to the Government of Alberta through a fully government controlled financial institution. The Parkland Institute argued ATB could be used to provide low cost financing to Albertans, financing social housing, financing climate change goals, purchasing government debt and providing for agricultural growth.{{sfn|Ascah|Anielski|2018|pp=4–5}} The Parkland Institute further argues against privatization due to the vast network of rural and remote branches ATB operates, which would not be financially viable for a traditional bank without a similar mandate.{{sfn|Ascah|Anielski|2018|p=2}}

In March 2019, Finance Minister [[Joe Ceci]] revealed the Government of Alberta had received a detailed offer from [[Scotiabank]] to purchase ATB Financial; however, the amount offered to privatize ATB was not provided by Ceci.<ref>{{cite news |last1=Morgan |first1=Geoffrey |title=Alberta finance minister reveals Scotiabank's interest in buying province's ATB Financial |url=https://financialpost.com/news/sitting-on-a-detailed-proposal-ceci-reveals-scotiabank-interest-in-albertas-atb-financial |access-date=March 29, 2021 |work=Financial Post |date=March 22, 2019 |location=Calgary}}</ref>