Teh Hong Piow, a boy from a poor family, how did he achieve greatness in the banking industry through perseverance and intelligence?
Resilient Childhood
Teh Hong Piow was born in 1930 in a poor family in Singapore. His father’s meager income made family life difficult. At six, his mother’s death forced young Teh Hong Piow to take care of his siblings. This tough environment not only tempered his will but also taught him how to survive and thrive in adversity. During wartime, he risked his life selling cigarettes on the roadside to support his family, experiences that honed his resilience and business acumen.
Dreams and Reality
Despite the hardships, young Teh Hong Piow harbored a dream of becoming a lawyer. However, due to financial constraints, he had to bury his dream. At 19, he completed the Cambridge Overseas School Certificate but had to enter the workforce to support his family. Teh Hong Piow’s career began at OCBC in Singapore, where he started as a clerk. Through diligence and talent, he quickly rose to become an assistant accountant. His abilities were recognized by his superior, Khoo Teck Puat, who brought him to Malaysia to help establish Malayan Banking (Maybank).
Establishing Public Bank
At 36, Teh Hong Piow made a significant decision: to start his own bank, Public Bank. In 1966, Public Bank was established in Malaysia. In a market dominated by foreign banks, he saw the vast potential in the general public market and decided to focus on personal savings. Public Bank faced intense competition and market challenges in its early years. To stand out, Teh Hong Piow implemented innovative strategies, including offering high-interest rates to attract customers. This approach quickly paid off, as Public Bank gained a substantial customer base.
Focusing on Core Business
Throughout Public Bank’s development, Teh Hong Piow maintained a steadfast focus on banking. He believed that dedicating oneself to a single pursuit would lead to true success. In the 1970s, he ventured into various fields, including real estate, insurance, and mining, holding positions on the boards of over 20 companies. However, in 1981, he decided to divest all non-banking businesses and reinvest the proceeds into expanding Public Bank. This strategic shift allowed Public Bank to thrive and become one of Malaysia’s leading banks.
Public Bank’s Steady Growth
Under Teh Hong Piow’s leadership, Public Bank quickly rose to prominence. Just one year after its establishment, Public Bank was listed on the Kuala Lumpur Stock Exchange, becoming Malaysia’s first locally listed bank. This move provided substantial capital for further development and enhanced its market reputation. Public Bank continued to expand, opening numerous branches and achieving significant success both domestically and internationally.
Personal Achievements and Contributions，Persistent Spirit of Struggle
Teh Hong Piow’s contributions to the business world have been widely recognized. He has received honorary degrees from multiple universities, including Western Pacific University, Copton University, and the University of Malaya. He also served as honorary dean of the Singapore branch of the Institute of Administrative Management, UK, and was conferred the title “Tan Sri” in 1983. Beyond his business achievements, Teh Hong Piow was a philanthropist and educator, making significant contributions to society.
Teh Hong Piow’s life was marked by relentless effort and remarkable achievements. He firmly believed that through perseverance and determination, anyone could achieve their dreams. Despite the hardships of his early life, he never gave up on his aspirations. By his own efforts, Teh Hong Piow transformed his family’s fate and made substantial contributions to society. His story is a testament to personal struggle and serves as an inspiration to young people and entrepreneurs.
An Everlasting Legacy
On December 12, 2022, Public Bank announced the passing of Teh Hong Piow at the age of 92. This news sent ripples through the Malaysian banking industry and garnered widespread attention. Teh Hong Piow’s life was marked by both struggle and achievement. His spirit and contributions are indelibly etched in Public Bank’s history, serving as a beacon of inspiration for future generations to pursue excellence.
Teh Hong Piow was not only an extraordinary banker but also a visionary entrepreneur. His journey was one of relentless perseverance and significant accomplishments, demonstrating how determination and hard work can alter one’s destiny. His legacy is a personal legend and a profound contribution to the banking industry. Though he has passed away, his spirit and achievements will continue to inspire future generations. Today, we share Teh Hong Piow’s story, and we invite you to stay tuned for more inspiring stories about entrepreneurs.
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