PUBLIC Bank Bhd founder and chairman emeritus, director and adviser Teh Hong Piow died peacefully at 10.20am today, the bank announced. He was 92.

He is survived by his wife Tay Sock Noy and four children.

“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 the Teh family,” the bank said in a statement.

The Public Bank shares declined 4 sen to RM4.36 at press time. 

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

The Singapore-born Teh started his banking career in 1950.

In 1960, he joined Malayan Banking as a manager. Later in 1964, he was promoted to the position of general manager at the young age of 34.

He left Malayan Banking in 1966 to set up Public Bank, opening its first branch at Jalan Gereja, Kuala Lumpur. – December 12, 2022.