The banking group said on Monday this was the wish of Teh, who founded the bank on Dec 30, 1965, to relinquish his position.
In recognition of his par excellence contributions to Public Bank over the past 51 years, he will be bestowed the title of chairman emeritus on Jan 1, 2019 when he retires as chairman.
Teh will stay on as adviser with effect from Jan 1, 2019 and provide guidance to support the continued growth of Public Bank and the Public Bank group.
The board of directors also said Teh, who is also the non-executive chairman of the units – Public Islamic Bank Bhd (PIBB) and Public Investment Bank Bhd (PIVB) – will retire as chairman on Jan 1, 2018. However, he will stay on as non-executive director with effect from that date.
“The smooth transitions of the succession of the chairmanship of Public Bank, PIBB and PIVB are in place. The details relating to the appointment of the new chairman of Public Bank will be announced at an appropriate time,” it said.