Don't be fooled by bank valuations - Threadneedle

White, the Threadneedle UK Growth and Income and Monthly Extra Income fund manager, says the recent reporting season has further highlighted the argument for high quality lower-risk banks. “You want to avoid banks which are capital constrained, have high loan/deposits ratios, large investment banking exposure or large risk assets positions,” he says. “This would lead us to favour Standard Chartered, Lloyds and HSBC in the UK which look best placed to come through the credit crisis with their strong capital and liquidity positions. “Whilst these banks look more expensive than their peers ...