Malaysia Billionaire Teh Hong Piow Dies at Age 92 with Fortune of $6 Billion, Founder of Malaysia 2nd Largest Bank Public Bank at Age 35 in 1965
16th December 2022 | Singapore
Malaysia billionaire Teh Hong Piow (Tan Sri Dato’ Sri Dr. Teh Hong Piow) has died at the age 92 (1930 – 2022) with an estimated fortune of $6 billion. Teh Hong Piow is the founder of Malaysia 2nd largest bank Public Bank at the age of 35 in 1965. Public Bank began operations on 6th August 1966, with Teh Hong Piow as CEO, and stepping down after 36 years as CEO in 2002. The 3 largest banks in Malaysia by market value are Maybank $23 billion (MYR 105 billon), Public Bank $19 billion (MYR 85 billion) and CIMB $13 million (MYR 61 billion) – 16th Dec 2022. Teh Hong Piow started his career in 1950 as a bank clerk in OCBC (Overseas-Chinese Banking Corporation), joining Malayan Banking (Maybank) in 1960 and promoted to General Manager at the age of 34. (Malayan Banking was founded by the late billionaire Tan Sri Khoo Teck Puat (Singapore) in 1960, who also started his carer in OCBC as a bank clerk. He was ousted from Maybank in 1965 for using the bank’s money into his company in Singapore. Khoo Teck Puat owns the Goodwood Group hotels and was the single largest shareholder of Standard Chartered Bank). 2 years after founding Public Bank in 1965, Teh Hong Piow listed Public Bank on Malaysia stock exchange (now known as Bursa Malaysia) in 1967. Teh Hong Piow owns 21.6% of Public Bank through his family office investment group – Consolidated Teh Holdings. Teh Hong Piow married his wife Tay Sock Noy in 1956, and have 4 children.
“ Malaysia Billionaire Teh Hong Piow Dies at Age 92 with Fortune of $6 Billion, Founder of Malaysia 2nd Largest Bank Public Bank at Age 35 in 1965 “
Malaysia is the 5th largest economy in Southeast Asia (Indonesia, Thailand, Singapore, Philippines, Malaysia) with $372 billion GDP & 32.5 million population, and is the 2nd largest exporter of Palm Oil (Indonesia is the largest exporter of Palm Oil).
Public Bank – Announcing the Demise of YBhg. Tan Sri Dato’ Sri Dr. Teh Hong Piow
12th Dec 2022 – It is with deep sorrow we announce that our Chairman Emeritus, Tan Sri Dato’ Sri Dr. Teh Hong Piow, the Founder of Public Bank, has passed away peacefully at 10:20 am today at the age of 92. Tan Sri 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 Tan Sri Teh’s family.
Tan Sri Teh founded Public Bank in 1965 at the age of 35. He was appointed as the Chief Executive Officer and Managing Director of Public Bank since its commencement of business operations on 6 August 1966. He relinquished his CEO position and was re-designated as Non-Executive Chairman of Public Bank on 1 July 2002. He retired as the Non-Executive Chairman of Public Bank on 31 December 2018, and was conferred the title of Chairman Emeritus and Adviser of Public Bank on 1 January 2019, and remained as a Non-Executive Director on the Board of Public Bank.
Throughout his life, Tan Sri Teh had dedicated himself to build Public Bank as a strong banking group in Malaysia in support of the banking and finance industry. Tan Sri 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. Upon relinquishing his CEO position in 2002, Tan Sri Teh with his visionary foresight, had 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. With the strong foundation and the excellent corporate culture built by Tan Sri Teh, the management team had continued to lead the Public Bank Group to greater heights since 2002.
The Board, Management and staff of the Public Bank Group would like to pay a special tribute for the immeasurable contributions Tan Sri Teh had made to the Public Bank Group. Public Bank has lost an amazing and visionary leader. Tan Sri 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.
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