Public Bank Bhd‘s founder Tan Sri Teh Hong Piow has passed away peacefully this morning. Public Bank, in a statement today, said Teh had passed away peacefully at 10.20 am today at the age of 92.
1. Teh is one of the wealthiest tycoons in the country
Teh ranked 328th on the Bloomberg Billionaires Index with a fortune of US$6.43 billion (RM28.39 billion). In 2022, Forbes magazine listed him as the fourth richest Malaysian in Malaysia’s 50 Richest listing with a net worth of US$5.9 billion.
2. He has 72 years of experience in the banking and finance industry
Teh began his banking career in 1950 when he worked as a bank clerk at Overseas-Chinese Banking Corporation Ltd. He helmed Public Bank for close to six decades.
3. He founded Public Bank at the age of 35
Teh worked as a bank clerk in Overseas-Chinese Banking Corporation Ltd in 1950 and rose in rank to officer within five years. In 1960, he joined Malayan Banking as a manager. Later in 1964, he was promoted to the position of general manager at 34.
He then left Malayan Banking in 1966 to set up Public Bank. Public Bank was listed on the Bursa Malaysia on April 6, 1967. Today, the bank is the country’s third-largest banking group by assets.
4. He held leading positions in various organisations throughout his career
Teh was appointed as a Director of Public Bank on 30 December 1965 and had been the Chief Executive Officer of Public Bank since its commencement of business operations in August 1966. He also held leading positions in various organisations such as Public Foundation, Malaysia and LPI Capital Berhad, Malaysia (Group).
5. He had won over 45 awards, both domestic and international
Some of the recent awards include the award for ‘Greatest Malaysian Banker of All Time by the Asia Pacific Brands Foundation, the Asian Corporate Director Recognition Award 2019 for Malaysia, the BrandLaureate Hall of Fame Lifetime Achievement Award as the Greatest Banking Icon of the Decade and Asian Corporate Director Recognition Award 2021.
*We are deeply saddened by the news of his passing. Our thoughts and prayers are with his family at this difficult time.
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