The European financial group Fortis is currently in contention with the Japanese investment bank Nomura. The bone of that contention is a stake in the collapsed Investicni a Postovni Bank which, until it was shut down earlier in the year was the Czech Republic’s third largest bank. It collapsed in June after a run on deposits caused by speculation that the bank was insolvent.
Nomura are planning on exercising their option to sell their 46% stake to Fortis for Ј160 million, even though it is virtually worthless. Fortis will most likely resist the forced purchase.
Financial Times
