For instance, the scandals on the fixing of the LIBOR and other rates in Europe, and more recently the exchange rate fixing scandal in South Africa, brought to the fore the greed and deceit that ravaged the global banking industry.4 To address these shortcomings, there is a recognition of the need for ethics in banking.
Ethical banking requires that the needs of society trump those of other stakeholders including shareholders. Banks exist to serve the societies they operate in, and societal needs and aspirations must therefore be at the forefront of every banker’s mind.