| Two giant Nordic funds have emerged as Europe’s surprise losers in the collapse of US lenders Silicon Valley Bank and Signature Bank, while investors in European banking stocks took a severe haircut on Monday.
Sweden’s financial regulator is now probing Alecta’s exposure, after the fund recently opted to step up its investments in the niche lenders while selling its holdings of the more prudent Swedish player Handelsbanken. European banking stocks were the primary driver, plunging 5.7 per cent as investors worried about contagion risk.
“There is a possibility of indirect contagion, but at the moment we do not see this as a specific risk,” EU Economic Commissioner Paolo Gentiloni told reporters.France’s Bruno Le Maire called on investors to “calm down”, saying the SVB situation was “unique”.
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