< br />
MOSCOW, April 20 Katarina Torslund, Acting CEO of Sweden's largest pension fund Alecta, acknowledged the fact of «failed investments» in American banks, as a result of these investments, the fund lost about $2 billion, according to Bloomberg.
In March, Alecta said the fund was expecting a full write-down of its $1.1 billion investments in Silicon Valley Bank (SVB) and Signature Bank. At the same time, Alecta sold all its shares in the struggling US bank First Republic Bank ($941 million).
“To be clear, the investment in US banks was a failure and we should not have been in this position… We can do better and I fully understand that customers… are frustrated, angry and worried… We relate to this failure in the most serious way,» Thorslund said.
Previously, Bloomberg also reported that the Swedish Financial Supervisory Authority demanded that the fund explain how and why Alecta, which manages the money of 2.6 million Swedes, invested about 21.8 billion crowns ($2.1 billion) of their funds to banks associated with the collapse of the SVB.
On March 10, California state regulators closed Silicon Valley Bank, one of the twenty largest US commercial banks. This was the largest bank failure in the US since the 2008 financial crisis. In addition, on March 8, the closure of the crypto-focused Silvergate bank was announced, and on March 12, the similar New York Signature Bank.