The 1990s are also associated with the boom of the J&T Group. It grew across the border and expanded from Slovakia to the neighbouring Czech Republic. The main point of expansion was the establishment of J&T Bank, which grew out of Podnikatelská banka.
In 1996, it came under the forced administration of the Czech National Bank. J&T acquired a majority stake in it two years later. The deal was backed by Patrik Tkáč’s father Josef. A significant banking growth in Slovakia was the absorption of Istrokapitál and Poštovní banka. The controversial head of Istrokapital, Mário Hoffmann, has since joined the partnership group.
But not all of the efforts of the Tkachovs and Jakabovic turned out well. For example, the constant efforts to control the Investment and Development Bank are well known. The group never got more than an eight per cent stake in the bank.
The aggressive trading style also raised suspicions of a criminal offence. Specifically, in special trades in shares of the Slovnaft refinery and VSŽ Košice. The new financial shark was supposed to use the proceeds from the bonds of Drátovna Hlohovec to purchase the shares. The group’s fiasco in controlling Východoslovenské strojírny is also well known. After inept estimates of the company’s economy, the company had to go bankrupt and gradually lay off up to a thousand people.
