Malaysia’s Public Bank founder Teh Hong Piow dead at 92
Tan Ai Leng
[KUALA LUMPUR] Malaysia’s Public Bank founder Teh Hong Piow died on Monday (Dec 12) at the age of 92, said the company in a statement.
The statement added that the patriarch passed away peacefully in the mid-morning. “His passing is a great loss to the Public Bank Group. On behalf of the board, management and staff of the Public Bank Group, we extend our most heartfelt condolences and deepest sympathies to his family.”
Born in Singapore on March 14, 1930, he attended formal primary and secondary education at the Anglo Chinese School in Singapore, said the company website. He had been married to Tay Sock Noy since 1956, and they have four children.
Teh began his career in 1950 at Oversea-Chinese Banking Group in Singapore. He joined Malayan Banking a decade later, and was promoted to general manager when he was 34.
He founded Public Bank the following year, and was appointed as its chief executive officer (CEO) and managing director.
Public Bank is the second-largest banking group in Malaysia, with a market capitalisation of over RM85 billion (S$26 billion). The financial-services provider has a vast network in Asia, including Hong Kong, Cambodia, Vietnam, Laos, China and Sri Lanka.
A NEWSLETTER FOR YOU
Friday, 8.30 am
Asean Business
Business insights centering on South-east Asia's fast-growing economies.
Teh relinquished his CEO position and was redesignated as non-executive chairman of the bank in 2002. Regarded as a legend in Malaysia’s banking industry, he was conferred the title chairman emeritus in 2019, after retiring as the non-executive chairman of the banking group the preceding year; he had remained as a non-executive director on the board of Public Bank.
Teh held a 21.6 per cent stake in the bank through his private investment vehicle, Consolidated Teh Holdings. He is one of the three individuals in Malaysia permitted to hold a stake of more than 10 per cent in a financial institution.
He was ranked fourth in the Forbes list of richest men in Malaysia in 2022, with an estimated wealth of US$5.9 billion.
Public Bank’s share price declined 1.4 per cent to RM4.35 on Monday, and then closed one sen lower at RM4.40 with close to 26 million shares traded.
Copyright SPH Media. All rights reserved.
