Public Bank’s acquisition of LPI is ‘coming full circle’

Sealed deal: Tay (left) and Diona at the signing ceremony to mark Public Bank’s acquisition of a 44.15% stake in insurer LPI Capital and subsequent press conference, the firm’s first in 15 years.

HOLDING its first press conference in 15 years, which itself is extraordinary given the robust scene of Corporate Malaysia today, Public Bank Bhd and the family of its founder Tan Sri Teh Hong Piow are attempting to hit two birds with one stone.

Since the passing of Hong Piow in late 2022, investors and market observers alike have been keeping an eye on how his 23.4% holdings block in the lender would be passed on, especially with the Financial Services Act (FSA) coming into the picture.