By Danilo Masoni MILAN (Reuters) – Expectations of rising interest rates have failed to lift valuations of European bank shares languishing at near two-decade lows as a worsening growth outlook weighs on the broader finance industry. Rising bond yields are a boon for banks as they tend to boost interest income but the strongest two-month jump in borrowing costs seen across the euro zone since 1994 has not translated into stock market outperformance for banks. A gauge of European bank stocks has shed 6% since the start of March and is not far from 14-month lows hit last month as the war in Ukra…