Alecta, Sweden's biggest pension fund, has sold all its shares in ailing U.S lender First Republic Bank at a loss of $728 million, Alecta spokesperson Jacob Lapidus said on Tuesday.
A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar
STOCKHOLM, March 21 - Alecta, Sweden's biggest pension fund, has sold all its shares in ailing U.S lender First Republic BankAlecta 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.its credit rating to junk status.
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