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Swedish pension fund Alecta dumps First Republic Bank shares after price plummets

Published 03/21/2023, 12:40 PM
Updated 03/21/2023, 02:20 PM
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Private Swedish pension fund Alecta has sold its shares in First Republic Bank (NYSE:FRC), the American bank struggling to stay afloat after a serious drop in share value, a bank spokesperson announced March 21. Alecta was the bank’s fifth-largest shareholder.

Alecta took a loss in the deal after losing funds in the collapses of Silicon Valley Bank (SVB) and Signature Bank (NASDAQ:SBNY). First Republic Bank’s shares fell 87% after SVB was forced to close earlier this month. Regarding the latest developments, Alecta CEO Magnus Billing told Bloomberg:

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