Tan Sri Dr Teh Hong Piow is no stranger to the banking industry of Malaysia. The founder and chairman of Public Bank Berhad is one of the richest people in Malaysia and he has been on the list for more than a decade now.
Condolences to the family of Tan Sri Dr Teh Hong Piow. Tan Sri Dr Teh Hong Piow passed away on Monday morning (Dec 12 2022) at the age of 92, the bank confirmed in the evening, a few minutes before the stock market’s 5pm close.
In a Facebook post, Anwar sent his condolences to the family of the late Teh who passed away at 10.20am today. “His passing will certainly leave a big void for the Public Bank family, the banking sector and the country. “I pray for the family of the late Teh to be patient and strong for their loss,” Prime Minister Datuk Seri Anwar Ibrahim said.
Founder of Public Bank and making it great
Teh is married to Puan Sri Tay Sock Noy and together they have 4 children. He is one of the 3 people in Malaysia who can hold more than a 10% stake in a financial institution domestically. Born in 1930 in Singapore, he started out as a bank clerk with the Overseas-Chinese Banking Corporation Ltd. Within 5 years, he became an officer and then later joined as a manager with Malayan Banking Berhad back in 1960. 4 years later, he was promoted to General Manager.
The year after that saw him starting his own bank, Public Bank Berhad. The bank began operations in 1966 and the rest was like they say, history. This was to become one of the most remarkable success stories where Teh grew the bank to become one of the most stable financial institutions in Southeast Asia with more than 250 branches.
The man behind the success
Teh holds several academic qualifications but it is his wealth that takes the limelight. Besides Public Bank, he is also involved in various firms like the LPI Capital Berhad Malaysia and Public Foundation. Teh retired from the chairman post in 2019 where he continued to serve as an adviser in the group.
In 2021, his net worth was reported to be US$5.1 billion, making him the fifth richest person in the country. It is often reported that his management style and hard work were elements that brought him the success he enjoys today where he continues to become one of the inspirational Malaysians to many in the country.
Source Of Wealth
Tan Sri Teh is a self-made billionaire whose wealth comes from his banking business.
Married to Puan Sri Teh Sock Noy
Tan Sri Teh has 3 daughters Teh Li Shan, Teh Li Ming and Teh Li Hua and 1 son.
He holds a Bachelor of Arts/Science from the University of Malaya