Mark Mobius says he is ‘very, very skeptical’ of investing in bank stocks but keeps his cash in an account in Dubai

Mark Mobius says he is ‘very, very skeptical’ of investing in bank stocks but keeps his cash in an account in Dubai

Mark Mobius generally avoids buying bank stocks, saying their operations are too opaque.

More Fed rate hikes could add pressure on bank deposits, potentially creating new havens, he told CNBC.

Mobius said he has an account in a Dubai bank, and recommended that depositors diversify.

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Billionaire investor Mark Mobius said he avoids buying bank stocks and recommended keeping deposits diversified.

The ongoing banking turmoil — exacerbated by rising interest rates that are devaluing long-term bonds held on bank balance sheets — is creating tremendous uncertainty that won't go away quickly, he told CNBC on Wednesday.

With worries about traditional havens like Switzerland on the rise, other global financial centers like Middle East banks that are "rich with petrodollars" could emerge as new destinations for safety, Mobius said.

But investing in banks is a different matter.

"I'm very, very skeptical of banks generally, even the petrobanks, because they're so opaque," he said. "You really don't know what's going on behind the scenes, as we've learned now with the situation in the US. So I stay away from banks generally. In terms of keeping my cash,