Public Bank's Teh Hong Piow:What exaclty happened in 1966 ?
From THE STAR 18 October 2007:
Teh Hong Piow, then 36, beat all the odds and became the founder, owner and managing director of Public Bank Bhd, which opened its doors for business on Aug 6, 1966, in a three-storey building at No 4, Jalan Gereja in Kuala Lumpur
In 1960, the 30-year-old Teh left OCBC to be part of a small group which helped start Malayan Banking. He was one of the management staff charged with building the bank from scratch.
He rose swiftly through the ranks and became general manager within four years.
In 1966 came the decision to strike out on his own.
One of his earliest breakthroughs – a foray into housing development – generated some RM10mil, which was used as seed money to set up the bank.
So -Teh left Maybank in 1966-got into property development , made RM 10 million-and started his own bank in August that year.How brilliant, how skillful......(readers can add other adjectives)
Now, some other matters that took place in 1966:
In 1959, Khoo Teck Puat established the Malayan Banking Corporation in Malaya. The bank grew rapidly, but in 1966, rumours that he had channelled its funds to his own interests led to a run on the bank
Khoo's general manager was one Teh Hong Piow:
Mr Teh Hong Piow began as a clerk in Singapore's OCBC Bank where he caught the eye of Khoo Teck Puat, a Malaysian then working in a senior position in OCBC. Mr Khoo had been asked to return to Malaysia to help start Maybank in 1960 and he tapped Mr Teh to join him as manager.
Mr Teh swiftly rose through the ranks and was general manager in four years. He was also spotted by the then governor of Malaysia's central bank Ismail Ali who, according to a retired banker, had taken a dislike to Mr Khoo and wanted Mr Teh to replace him.
But Mr Teh had other ideas and began lobbying for a bank licence of his own through the Malaysian Chinese Association, the second largest political party in the then ruling Alliance coalition, according to a former associate. The minister of finance, to whom the central bank's Mr Ismail reported to, was Tan Siew Sin, the head of the MCA and an ethnic Chinese himself.
Mr Tan gave the nod and Public Bank was born in 1966.
(The bank that Teh built ,S Jayasankaran KL Correspondent ,
17 June 2005,Business Times Singapore)
The problems at Maybank required new management:
Mr Yong Pung How was appointed by the Malaysian Central bank to reorganise Malayan Banking Bhd, Malaysia's largest bank, following difficulties experienced by the bank. He was MBB's vice-chairman from 1966-1971.
(Profile of OCBC Bank chairman Yong Pung How. 8 June 1989
Business Times Singapore)