off-the-wire

Swedish pension fund Alecta sells its stake in First Republic Bank

Kitco Media
By Reuters
Published:
Updated:
Reuters

STOCKHOLM, March 21 (Reuters) - Alecta, Sweden's biggest pension fund, has sold all its shares in ailing U.S lender First Republic Bank (FRC.N) at a loss of $728 million, Alecta spokesperson Jacob Lapidus said on Tuesday.

Alecta has been hit by the collapse of Silicon Valley Bank as the pension fund was invested into three niche banks that all face liquidity fears.

San Francisco-based First Republic Bank has lost 90% of its value in March, with S&P Global downgrading its credit rating to junk status.

Reporting by Marie Mannes, editing by Essi Lehto
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