PETALING JAYA: The founder of Malaysia’s third-largest banking group Public Bank Berhad, Teh Hong Piow, passed away today.
Public Bank managing director and CEO Tay Ah Lek said Teh died at 10.20am.
“Teh’s 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 Teh’s family,” he said in a statement.
Teh, who had 72 years of experience in the banking and finance industry, founded Public Bank in 1965 at the age of 35.
He was made CEO and managing director of the bank when it started business in August 1966. Its first branch was located at Jalan Gereja in Kuala Lumpur.
Public Bank was listed on the Kuala Lumpur Stock Exchange (now Bursa Malaysia) in April 1967.
Teh later relinquished his position as CEO and was appointed as non-executive chairman in July 2002.
He retired in December 2018 and was conferred the title of Chairman Emeritus and Adviser of Public Bank in January 2019, and remained as a non-executive director of the bank.
He was married to Tay Sock Noy since 1956 and they have four children.
This year, Teh was ranked 4th in the Forbes list of richest men in Malaysia with a fortune worth US$5.7 billion (RM26 billion). - FMT
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