Anwar offers condolences to Public Bank founder's family

12 Dec 2022 05:48pm
Tan Sri Teh Hong Piow
Tan Sri Teh Hong Piow
SHAH ALAM - Prime Minister Datuk Seri Anwar Ibrahim has offered his condolences to the family of Public Bank founder Tan Sri Teh Hong Piow who passed away at 10.20am today.

He was 92.

"His passing certainly left a huge impact to his big family of Public Bank, banking sector as well as the country.

"My prayers to the family of Dr Teh to be strong for their loss," he said in his Facebook post today.

Teh was the founder of Public Bank who founded the bank in 1965 at the age of 35. He was appointed chief executive officer (CEO) and managing director since its commencement of business operations on Aug 6, 1966.

Teh relinquished his CEO position and was re-designated as non-executive chairman on July 1, 2002. He retired as non-executive chairman on Dec 31, 2018, it said.

The bank is currently the second largest company listed on Bursa Malaysia with a market capitalisation of RM85.21 billion.

"He 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," it added.

Earlier Bernama reported that Teh dedicated his life to build the bank as a strong banking group in Malaysia in support of the banking and finance industry, the statement said.
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"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 challenges throughout the years.

"On relinquishing his CEO position in 2002, 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," it said.

Meanwhile, in a filing with Bursa Malaysia today, LPI Capital Bhd (LPI) said Teh, who was appointed as its chairman on Sept 27, 1971, had distinctive leadership and vision which enabled LPI Group to gain recognition as a premier insurance group in the region.

"His brilliant guidance and encouragement had driven the success of LPI Group.

"Teh retired from the board of the company's wholly owned subsidiary, Lonpac on Jan 8, 2019 and remained as the chairman of the holding company LPI," it said.