Agong: Public Bank Founder's Passing Is A Great Loss To Malaysia's Banking Sector
Prime Minister Datuk Seri Anwar Ibrahim has also sent his condolences to Tan Sri Teh Hong Piow's family.
By Yap Wan Xiang — 13 Dec 2022, 10:26 AM
Public Bank Bhd founder Tan Sri Teh Hong Piow passed away at the age of 92 yesterday, 12 December, leaving behind a huge legacy in the banking and finance sector
Citing a statement from Public Bank, New Straits Times reported that Teh passed away at 10.20am on Monday.
Following the news, Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah, Raja Permaisuri Agong Tunku Hajah Azizah Aminah Maimunah Iskandariah, and Prime Minister Datuk Seri Anwar Ibrahim sent their condolences to Teh's family.
"Their Majesties both expressed sadness at the passing of the deceased and wished that the entire family of the deceased would be patient and persevere while going through this trying period," Istana Negara said in a statement.
"Their Majesties appreciate Teh's contribution to the banking and financial industry, as well as the nation's economy."
"Their Majesties also described the passing of Teh as a great loss to the country's banking world."
Separately, in a Facebook post, Anwar said Teh's passing will leave a big void for the Public Bank family, the banking sector, and the country.
Teh founded Public Bank in 1965 at the age of 35, running the bank for 53 years before retiring on 31 December 2018
He was conferred the position of chairman emeritus and adviser of Public Bank with effect from 1 January 2019, reported New Straits Times.
He was born in Singapore on 14 March 1930, and completed his formal primary and secondary education at the Anglo Chinese School in Singapore, according to Public Bank's website.
In 1956, he married Puan Sri Tay Sock Noy and had four children together.
The bank is the second largest company listed on Bursa Malaysia with a market capitalisation of RM85.41 billion.
Forbes ranked Teh as the fourth richest person in Malaysia with a net worth of USD5.3 billion (about RM23.4 billion), and the 431st richest billionaire in the world.
