Small talk: Testing the morals

This is about a very respected and celebrated banker. Often known for his high standards of ethics and corporate governance, he has grabbed attention with a business development brewing within his family. His kin, who’s fit to promote business, has floated a non-bank. The aim is to focus and build a large affordable housing book. It seems the papers are now being processed by the banking regulator to grant the licence. But here’s the thing. The heir doesn’t have experience in the business. Even the money is said to have come from the father, but through clean channels. Here’s the catch. The father’s tenure at the bank is due to end soon, and the bank has nominated him for a three-year tenure. According to the law, the bank chief’s kin floating a non-bank should not go against him for the regulator to consider his reappointment. But the regulator hasn’t taken a call. Will an exception be made? We will keep you posted.