To describe Pat Kennedy’s feelings, embarrassment was perhaps the word. Though Lili’s family had closed ranks it was not clear where he stood. For the first time he understood what loss of face meant, not that he hadn’t experienced loss of face before. In the past his mishaps had been economically painful, even life threatening. This time there was no threat to his economic well-being. From his home, looking out over Hong Kong Harbour, Kowloon and the hills beyond, his material future was assured. Not only was Pat a rich man in his own right, but his wife was the daughter of a rich and powerful Cantonese family, whose political connections reached out to Beijing and even the Central Committee.
Pat had been relieved of his position as Chief Executive Director of International Operations of the INI Banking Corporation and Managing Director of INI Hong Kong Ltd., effective immediately. The word ‘relieved’ troubled him; he did not feel in the slightest way relieved.
His ejection followed the sudden takeover of the bank by City & Colonial, and sudden it was. It was a decision taken without the least notice late Sunday evening, before financial markets opened in the City of London, when the British Prime Minister, presiding over an emergency Cabinet meeting, had authorised the Chancellor of the Exchequer, in coordination with the Bank of England, to approve a shotgun marriage. It was deemed necessary to prevent a disastrous collapse of the INI Banking Corporation and pre-empt the risk of another Lehman scenario.
The news was announced shortly before the opening bell of the Hong Kong Stock Exchange on the first day following the traditional Chinese New Year break. Simultaneously Pat had been informed of his unceremonious ejection. His ‘resignation’ he was told would be cushioned by a substantial pay-off and the preservation of his pension rights, conditioned by a confidentiality agreement to be drawn up by the bank’s lawyers.
On receiving the news, he was, as he later put it, gobsmacked. The call came on his personal mobile at eight in the morning, Hong Kong time, as he drank his morning coffee and admired the extraordinary view from his penthouse apartment. With a stuck-up English voice the caller pompously announced himself as James Smythe, head of HR at City & Colonial in London.
At first Pat was curious, it was nothing unusual to be called on his very private number at that hour, but at that time of the day, given the time difference, he rarely received calls from London, it was midnight in the UK. As for City & Colonial he had never spoken to anyone of any consequence from that bank and could not for the life of him imagine why their HR department would call him.
Smythe beat about the bush before casually asking if he had been informed of the changes.
“What changes?” Pat asked.
Smythe seemed embarrassed.
“The bank …”
“What bank?”
“I see.” There was a silence. “As of today INI Banking Corporation PLC is effectively under the control of City & Colonial.”
“Sorry,” said Pat as if he had not heard Smythe’s words.
“I said ...”
Pat cut in, “I heard what you said. I don’t understand what you mean.”
“This morning, that is Sunday in London, City & Colonial took control of Europa and your Chairman, Michael Fitzwilliams has resigned.”
“Look,” Pat replied angrily, “if this is some kind joke it’s not funny.”
“Mr Kennedy, I’m sorry to be the one to break the news, but this is a decision of the government in London and the Bank of England .... If you doubt my words you can check on the TV, Bloomberg.”
Hong Kong
Pat put down the phone and looked around for the remote then zapped the TV to Bloomberg. Beneath the anchor man the Breaking News line flashed Bank of England announces City & Colonial takeover of INI Banking Corp.
“Hello, hello,” Smythe’s disembodied voice echoed into the breakfast area.
Pat stared at the screen trying to make sense of the news. Then, slowly he became aware of the voice behind him and picked up the phone.
“I sorry,” said Smythe. “Listen old chap, I’ve been instructed to ask you to stay at home for the moment. You’ll be contacted later in the day with instructions.”
“Instructions ...”
There was a click as Smythe hung up.
At that instant Lili walked in. “Something wrong?” she said looking at Pat.