Published 13 March 2023 at 09.14
Economy. Alecta is holding a crisis meeting on Monday morning, reports Dagens Industri. The Swedish pension giant had large investments in both of the American banks that collapsed.
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Bank crashes in the US
- Third bank collapses in the US
In connection with the Sillicon Valley Bank's stock plummeting on the stock market at the end of last this week it was reported that Alecta lost at least SEK 6.4 billion on its holdings in the bank.
– We have to think about what we have done wrong in this regard – if we have now done something wrong. We have to really think about that, said Magnus Billing, CEO and acting head of asset management, to DI on Friday.
But the pension company is also a major shareholder in the so-called crypto bank Signature Bank, which is now also collapsing. According to DI, Alecta has invested a total of SEK 3.2 billion in the bank.
Alecta also owns roughly 7.1 million shares in First Republic, another bank that is being dragged into the American crash.
p>At 8.30 on Monday morning, Alecta held a crisis meeting due to the incident, writes DI.
Alecta's investments in the American banks were made in connection with the company leaving Swedbank and Handelsbanken.
Local authorities in New York have taken control of Signature Bank and the bank is looking for a buyer ahead of Monday's stock market opening. The bank has been singled out as particularly vulnerable due to its exposure to the crypto market.
A rescue plan has been launched to support the customers affected by the bank collapses. Owners and unsecured debtors, on the other hand, will not be covered.