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The Story of Public Bank Founder

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Teh Hong Piow was born in Singapore in 1930. He helps him father, to manage the business after he end the class. Teh Hong Piow’s father has strict rules for him children. ‘‘Every sentence that spoke by his father consider as ‘Order’” mentioned by Teh Hong Piow.

He grew up in a poor family, he was exhausted to become rich in the future. He wants to become a lawyer in the future which has a high salary, high social status. However, he can’t afford the high education fee.

He high school graduate in the year 1950, he starts to work, and he was successfully entered into OCBC bank and start from a clerk of the company. From a clerk become account assistance, after 4 years he becomes a manager of the department and has a good relationship with his boss who is Khoo Teck Puat.

1950, Khoo Teck Puat was resigned from the position in the OCBC bank and after a year he established a bank in Kuala Lumpur, Malaysia. He persuaded Teh Hong Piow to come over and started from the manager in the Maybank.

Teh Hong Piow working hardly and became the youngest general manager in Maybank. He working a bank that started from zero until Maybank becomes successful. He wanted to start the new bank and sharing the idea with his friends and family, but nobody supports him. He understands all the risks that he should be bear and has the last license of the bank from the Ministry of Finance Malaysia in 1966.

In August 1966, the first branch of Teh Hong Piow’s bank was started operating in Kuala Lumpur, Malaysia named Public Bank which means has the goal, gain public confidence, and encourage the public to save the money in the Public Bank.

He advertised and promote the bank on the radio to encourage the public to save the money in the Public bank. After 5 months, the Public bank was established 2 more branches in the Melaka and Ipoh, Malaysia. Public bank using a different strategy to attract the customer and the saving growth rate is 4 times of the local bank in 1980.

Nowadays, Malaysia becomes one of the highest saving rates in the world. Public bank become successful bank and has 395 outlets in Malaysia due to Tan Sri Teh Hong Piow.

 

 

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