'Boring' banks a safe haven in an uncertain world

London

WHEN fears of a Greek default are mounting, stock markets are jittery at multi-year highs, and the world's biggest economy is preparing to hike interest rates, the idea of taking refuge in bank stocks might appear to be a hard sell.

Yet that is exactly what some investors and brokers are recommending, on the basis that the sector is cheap, has been scrubbed cleaner post-crisis and may be able to pass on higher rate costs to clients in an improving economy.