KUALA LUMPUR: Tan Sri Teh Hong Piow, who founded one of Malaysia’s largest banking groups, has died at the age of 92.
“Public Bank has lost an amazing and visionary leader.
“Teh left behind a great organisation that only he could have built, and his legacy will be the perpetual foundation of the Public Bank Group,” said managing director and chief executive officer of Public Bank Tan Sri Tay Ah Lek.
In announcing the death of Teh, who was chairman emeritus of the bank, Tay said: “The board, management and staff of the Public Bank Group would like to pay a special tribute for the immeasurable contributions Teh had made to the Public Bank Group.”
Teh, who started Public Bank in 1965, was born in Singapore on March 14, 1930.
In a statement, Tay noted that Teh was appointed as the CEO and MD of Public Bank since the commencement of business operations on Aug 6, 1966.
He relinquished his CEO position and was redesignated as non-executive chairman of Public Bank on July 1, 2002.
Teh retired as the non-executive chairman of Public Bank on Dec 31, 2018, and was conferred the title of chairman emeritus and adviser of Public Bank on Jan 1, 2019, and remained as a non-executive director on the board of Public Bank.
Tay said Teh had dedicated himself to building Public Bank as a strong banking group in Malaysia.
“Teh had built a solid foundation and cultivated a strong corporate culture with a resilient business model for the Public Bank Group to continue on a solid growth path while navigating through challenges throughout the years,” he said.
Following the relinquishment of his CEO position in 2002, Tay noted that Teh had already put in place a clear management succession plan and groomed a strong management team which had continued to drive and manage the growth of the Public Bank Group.
According to the website of the bank, Teh had received his primary and secondary education at the Anglo Chinese School in Singapore.
Teh, who married in 1956, has four children.
“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,” Tay said.
