The sale takes place at a loss of SEK 7.5 billion. In a comment to Bloomberg, Alecta’s CEO Magnus Billing writes that “the uncertainty surrounding the bank’s future is too great”.
Alecta has bought shares in First Republic since 2019 and was the bank’s fifth largest shareholder until the sale.
Alecta has been in trouble lately after its holdings in the collapsed US niche banks Silicon Valley Bank and Signature Bank.