In June 1989, Bank Niaga made an initial public offering (IPO) to be listed on the Indonesian Stock Exchange.

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 continued to hold a minority stake, partly through PT Lippo E-Net, which owned 5.6% of the lender, as well as controlling rights.

Lippo Bank's United States subsidiary was implicated in the scandal of improper contributions to the Clinton-Gore campaign.

According to a 1998 Senate Governmental Affairs Committee report, by 1992, while employed by Lippo Bank in California, John "Huang began to raise illegal foreign money for the DNC through Lippo-owned shell companies".

Huang's colleagues at Lippo Bank [...] never understood his corporate duties and described him as a `mystery man,' " the report said.

[4][5] Since Khazanah Nasional Berhad had an indirect interest of 93 percent in Lippo Bank through Santubong Investment BV and Greatville Pte.