This article first appeared in The Edge Financial Daily on April 24, 2018

KUALA LUMPUR: Shares in Public Bank Bhd hit a fresh all-time high yesterday after the group’s 52nd annual general meeting (AGM), during which shareholders pleaded for founder and non-executive chairman Tan Sri Dr Teh Hong Piow to reconsider his decision to step down from his post.

The counter shot up in the last half an hour of trading, to close at RM24.30 for a gain of 10 sen or 0.41%.

With a market capitalisation of RM94.34 billion, Public Bank is Bursa Malaysia’s second-largest company by market value, after Malayan Banking Bhd (Maybank), which has a market capitalisation of RM116.2 billion.

The group reported a record-high net profit of RM5.47 billion for its financial year ended Dec 31, 2017 and a total dividend of 61 sen per share for the year.

Public Bank managing director Tan Sri Tay Ah Lek told shareholders at the AGM that the dividend payout amounted to RM2.36 billion, or 43.1% of the group’s net profit,

Shareholders at the meeting had travelled from as far as Kuching, Sarawak to deliver their gratitude and praise for Teh, who was chairing the meeting for the last time.

“As a younger-generation shareholder, I need someone to look up to and no one is as qualified as you,” shared one shareholder from Johor Baru, referring to Teh as not just Malaysia’s but the world’s greatest banker, and naming him as a role model for all generations.

Many shareholders expressed their appreciation and congratulations to Teh with songs of tribute and poetry, while others called for him to extend his tenure.

Tay assured shareholders that Teh would continue to act as an adviser to the board and actively provide guidance, mentorship and direction for its senior management as well as the broader company.

“[Teh] is ever passionate and committed to Public Bank, and will continue to drive the growth of the bank,” Tay said.

Public Bank announced in July last year that Teh, 88, would be retiring from the position effective Jan 1, 2019 and subsequently redesignated as chairman emeritus.

“The announcement of the new chairman will be made at an appropriate time,” Tay said, noting that directorships are subject to approval by regulators.

Going forward, Tay said the group would continue to focus on growing low-cost deposits by intensifying cross-selling activities and tapping into its Internet banking platform.

Public Bank is also committed to growing its presence in Vietnam with the opening of six new retail branches there this year, he said. It currently has 13 branches in the country following the six opened in 2017.

“Given the present operating environment in Vietnam, we will continue to face keen market competition and challenges in building our pool of human resources,” Tay said.

However, he said Public Bank Vietnam would leverage on its long presence in the country, well-recognised brand and understanding of the local business condition and culture.