Founder of Public Bank, Malaysian Billionaire Teh Hong Piow Dies At 92!
Teh Hong Piow, a billionaire banker who founded and served as chairman emeritus of Malaysia’s Public Bank, died peacefully on Monday at 92.
Teh Hong Piow had devoted his life to creating Public Bank as a robust banking company in Malaysia to serve the banking and financial sector, according to a statement from Public Bank. “Teh Hong Piow had established a strong foundation, nurtured a strong corporate culture, and developed a resilient business model intending to enable the Public Bank Group to continue on a steady growth path while navigating through adversities over the years.”
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In 1950, the self-made businessman began working in banking as a clerk at Singapore’s Oversea-Chinese Banking Corp. Ten years later, Teh Hong Piow joined Malayan Banking and became general manager at 34. He established Public Bank in 1965, and from then until he was appointed chairman in 2002, he was the bank’s CEO.
Teh Hong Piow retired in 2019 and was named chairman emeritus after he turned Public Bank into the second-largest lender in the nation with a market worth of 85 billion ringgit ($19 billion). In addition to Malaysia, the bank provides services to millions of clients in Cambodia, China, Hong Kong, Sri Lanka, and Vietnam.
On Malaysia’s 50 Richest, released in June, Teh Hong Piow was rated No. 4, with a net worth of $5.7 billion.