Private Swedish pension fund Alecta has sold its shares in First Republic Bank, the American bank struggling to stay afloat after a serious drop in share value, a bank spokesperson announced March 21. Alecta was the bank’s fifth-largest shareholder.

Alecta took a loss in the deal after losing funds in the collapses of Silicon Valley Bank (SVB) and Signature Bank. First Republic Bank’s shares fell 87% after SVB was forced to close earlier this month.

According to media reports, Alecta took a $728 million loss on the sale of its First Republic shares. That loss came on top of roughly $862 million Alecta had in SVB and $310 million in Signature Bank before their closures.

The pension fund’s board asked Billing to investigate whether its "investment strategy, risk allocation and mandate for asset management is optimal” last week. The fund was also in communication with the Swedish Financial Supervisory Authority on its investment in the U.S. banks.