Lippo Banking Group
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Lippo Banking Group is Indonesia's 9th largest lender. It is controlled by ethnic Chinese Mochtar Riady together with the Lippo Group. Indonesia sold the stake in Bank Lippo as part of asset disposals aimed at cutting the government's budget deficit and recouping the 450 trillion rupiah it spent to bail out banks after the 1997 Asian financial crisis. Swissasia Global bought 52.1 percent of Bank Lippo in February 2004 from the Indonesian Bank Restructuring Agency for $142 million. The agency took control of Bank Lippo from its previous owners, the Riady family, after the government injected funds into the lender in 1999 to boost capital. The family still holds a minority stake, partly through PT Lippo E-Net, which owns 5.6% of the lender. Despite their minority holding, the Riady's retain controlling rights.
