Swedish pension fund Alecta sells its stake in First Republic Financial institution

STOCKHOLM, March 21 – Alecta, Sweden’s largest pension fund, has sold all its shares in ailing US lender First Republic Bank (FRC.N) at a $728 million loss, Alecta spokesman Jacob Lapidus said on Tuesday.

Alecta was hit by the collapse of Silicon Valley Bank as the pension fund was invested in three niche banks, all facing liquidity fears.

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

Reporting by Marie Mannes, editing by Essi Lehto

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