The imposition of forced administration on Investicni a postovni banka, the Czech Republic's third-largest bank, on June 16 and the bank's immediate takeover by Ceskoslovenska Obchodni Banka, is significant far beyond the change it brings to the Czech banking sector. It also represents a milestone in Czech politics, as the last major bastion of cronyism between banks and politicians and political parties has come crashing down.
July 01, 2000