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Public Bank chairman retires; replacement named

Teh Hong Piow retired as chairman of Malaysia's Public Bank Bhd., effective Dec. 31, 2018.

The lender said Teh Hong Piow will continue to serve as a nonindependent nonexecutive director, effective Jan. 1. He will also assume the title of chairman emeritus on Jan. 1 and stay on as an adviser to the bank and the group, the bank added.

The bank added that Deputy Chairman Lai Wan will become chairman, effective Jan. 1.