Public Bank Bhd founder Tan Sri Teh Hong Piow will officially retire from his post as non-executive chairman on January 1.

Teh began his banking career in 1950 and has 68 years' experience in the banking and finance industry.

At the age of 35 in 1965, he founded Public Bank which went on to become one of the most profitable banks in the country.

He was re-designated as chairman of Public Bank and chairman of Public Bank Group with effect from 1 July 2002.

The group said 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 January 1.

Teh will stay on as adviser and provide guidance to support the continued growth of Public Bank and the Public Bank group.

Lai Wan, previously the deputy chairman of Public Bank, will begin his new position as the chairman on January 1.

Lai had previously served Bank Negara Malaysia for 20 years, before resigining in 1985.

His last position at the bank was deputy manager (the bank examination and internal audit department).