KUALA LUMPUR: Public Bank Bhd founder Tan Sri Teh Hong Piow has passed away this morning, leaving a strong legacy of banking and finance behind him.
Public Bank, in a statement today, said Teh had passed away peacefully at 10.20am aged 92.
Teh was born in Singapore on March 14, 1930 and attended his formal primary and secondary education at the Anglo Chinese School in Singapore, according to a biography note on Public Bank's website.
He was married to Puan Sri Tay Sock Noy since 1956 and they have four children.
Public Bank's shares declined by 0.23 per cent or one sen to close at RM4.40, hitting a high of RM4.46 and a low of RM4.35.
The bank is the second largest company listed on Bursa Malaysia with a market capitalisation of RM85.41 billion.
Public Bank managing director and chief executive officer Tan Sri Dr Tay Ah Lek said Teh's passing was a great loss to the group.
"Public Bank has lost an amazing and visionary leader. Throughout his life, Tan Sri Teh had dedicated himself to build Public Bank as a strong banking group in Malaysia in support of the banking and finance industry.
"Tan Sri Teh left behind a great organisation that only he could have built, and his legacy will be the perpetual foundation of 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 Tan Sri Teh's family," Tay added.
At a net worth of US$5.9 billion, Teh was the 431st richest billionaire in the world, according to Forbes' list.
Teh began his banking career in 1950 and has 72 years' of experience in the banking and finance industry.
He founded Public Bank in 1965 at the age of 35.
He was appointed as a director of Public Bank on Dec 30, 1965 and had been the chief executive officer of Public Bank since its commencement of business operations in August 1966.
He was redesignated as chairman of Public Bank with effect from July 1, 2002.
He retired as chairman of Public Bank on Dec 31, 2018.
He was conferred the position of chairman Emeritus and adviser of Public Bank with effect from Jan 1, 2019.
Teh had won both domestic and international acclaim for his outstanding achievements as a banker and the chief executive officer of a leading financial services group.
Some of the recent awards that Teh had bagged included the Asian Corporate Director Recognition Award 2019 for Malaysia, the BrandLaureate Hall of Fame Lifetime Achievement Award as the Greatest Banking Icon of the Decade and Asian Corporate Director Recognition Award 2021.