KUALA LUMPUR: Tan Sri Teh Hong Piow will relinquish his position as Public Bank Bhd non-executive chairman on Jan 1, 2019.
He however will stay on as adviser of the bank with effect from the date to provide guidance to support its continued growth.
Teh will also retire as Public Islamic Bank Bhd and Public Investment Bank Bhd non-executive chairman but stay on as a non-executive director of the two companies with effect from January 1, 2018.
Public Islamic Bank and Public Investment Bank are both wholly-owned subsidiaries of Public Bank.
In recognition of his par excellence contributions to Public Bank over the past 51 years since he founded the bank on December 30, 1965, the bank said Teh will be bestowed the title of chairman emeritus on January 1, 2019.
“The smooth transitions of the succession of the chairmanship of Public Bank, Public Investment Bank and Public Islamic Bank are in place.
“The details relating to the appointment of the new chairman of Public Bank will be announced at an appropriate time,” the bank said in a statement.