KUALA LUMPUR – The founder and chairman of Public Bank, Tan Sri Teh Hong Piow has been honoured by the State Bank of Vietnam for his manifold contribution to the development of the country’s banking industry.

He is the first foreign banker to be awarded the “Medal for the Development of Vietnam Banking Industry”.

The prestigious award comes with a medal and certificate personally signed by the Governor of the State Bank of Vietnam, Le Minh Hung. It was presented at the ceremony that was held at the Mines International & Convention Centre on March 11.

The banking group said the award was another feather in Teh’s long list of lifetime accolades and recognition.

With this award Teh has received 47 personal to holder awards in recognition of his exemplary commitment to excellence and lifetime dedication to the banking industry in the Asian Region.

Public Bank managing director Tan Sri Tay Ah Lek said this esteemed award, presented by the governor of the State Bank of Vietnam, symbolised the deep appreciation and sound recognition for Teh’s manifold contribution to the construction and development of Vietnam’s banking industry.

“Tan Sri Teh has certainly achieved a high accolade in society. Being bestowed with such a prestigious award is truly befitting as the man whose consistent track record attests to his total commitment towards excellence.

“As a leader whose leadership is practiced not so much in words as in action, Tan Sri Teh truly inspires us to follow his footsteps towards extraordinary achievements,” he said.

Tay acknowledged that while such awards are personal triumphs for Teh as the Public Bank chairman, “we as members of his corporate family, cannot help but feel an equal sense of achievement and pride”.

Public Bank Vietnam (PBVN), formerly known as VID Public Bank was one of the first joint-venture banks in Vietnam that was established on Sept 30, 1991.

The Bank for Investment and Development of Vietnam (BIDV) and Public Bank Bhd held equal stakes in the bank, which started operations in May 1992 in its first branch in Hanoi providing a convenient platform for the Malaysian business community to conduct business operations in Vietnam.

Since then, the bank has expanded its network to all the major cities in the country with a total of seven branches focusing on retail banking business to serve a wider reach and spectrum of customers in Vietnam and remains one of the most profitable, reputable and prudent banks in the country.

In his acknowledgement, Teh said he was honoured to be bestowed with this medal.

“Since its inception in 1992, Public Bank Vietnam than known as VID Public Bank and being one of the first joint-venture banks in Vietnam has indeed journeyed a long way parallel with the development of the country.

“A year ago we created another significant milestone in Public Bank Vietnam’s 24 years banking journey when Public Bank was granted the 100% foreign-owned bank licence.

“For this I wish to record our gratitude to the State Bank of Vietnam and the people of Vietnam for their trust in us to be a partner in the nation’s development and progress especially in the banking industry. I would also like to dedicate this award to our customers, shareholders and business associates,” said Teh.