Bank Risk in Europe Hits Turning Point, PineBridge Manager Says
- Long coveted for their safety, Nordic banks have grown costly
- PineBridge now sees better value in southern European banks
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Nordic banks, long considered among the safest in the world, are losing their appeal as an investment target as lenders further south start to look more attractive, according to PineBridge Investments, a multi-asset manager that oversees about $85 billion.
Graeme Bencke, the portfolio manager who heads equity strategy at PineBridge in London, says the circumstances that made banks in Sweden, Denmark, Norway and Finland a “good investment in the post-crisis period” no longer exist.