Khoo Teck Puat
Encyclopedia
Tan Sri
Khoo Teck Puat a banker and hotel owner, who, with an estimated fortune of $4.3 billion, was formerly Singapore
's wealthiest man. He owned the Goodwood Group of boutique hotels in London
and Singapore
and was the largest single shareholder of Britain's Standard Chartered Bank
. The bulk of his fortune came from shares in British
bank Standard Chartered, which he bought up in the 1980s to help thwart Lloyds Bank
's proposed acquisition which many financiers deemed hostile. The Goodwood Park Hotel
in Singapore, built in 1900, is a historic landmark that recently underwent restoration.
He was ranked as the 108th richest person in the world by Forbes
magazine in 2004. The estate of Tan Sri Khoo Teck Puat had donated $80 million to Duke University
.
Khoo gained his early education at Saint Joseph's Institution in 1930. He was educated up to Standard 8 prior to his marriage at the age of 17, and started working in OCBC bank as an Apprentice Bank Clerk by 1933. While attached with OCBC, Khoo served as the Chairman of CPF Board for a year in 1958. His rise in OCBC was rapid and he developed strong ties with Tan Chin Tuan until they had a difference of opinion which resulted him leaving OCBC in 1959 as the General Manager. He argued that OCBC was growing far too slowly and not opening enough branches in the smaller towns in Peninsular Malaya.
In 1960, Khoo restarted his career in banking by founding Malayan Banking (now commonly known as Maybank
) with a few partners in Kuala Lumpur
. The bank grew rapidly to more than 150 branches within 3 years. In 1963, the bank purchased Goodwood Park Hotel, Singapore
for $4.8 million. In 1965, Khoo was ousted from Maybank
by the Government of Malaysia under the then Deputy Prime Minister Tun Abdul Razak administration on the pretext of pumping the bank's money into his own private firm in Singapore
. The political enmity between Singapore and Malaysia has taken its toll.
In 1968, Khoo bought over the Malayan Banking's Singapore properties including Goodwood Park Hotel and Central Properties for $50 million. While bitter with what the Malaysian government did, Khoo remained patriotic and kept his Malaysian citizenship. He ceased to be a director of Maybank in 1976. Though he had opened National bank of Brunei in the 1960s, his search for a legitimate banking vehicle continued.
In 1981, Khoo bought Australia's Southern Pacific Hotel Corp - parent of the Travelodge chain. He sold it in 1988 as part of his asset liquidation process to make restitution to the Brunei government.
In 1986 an opportunity arose when as a white knight, Khoo made a dramatic acquisition of a 5% stake in Standard Chartered Bank
. He subsequently grew his stake to almost 15% to become the single largest shareholder. In 1990, Khoo made a contribution of S$10 million to the Singapore Government's 25th anniversary charity fund - to help children, the elderly and the disabled. He was listed as Singapore's richest businessman by Forbes magazine in 2003.
When he died in 2004, he left his Standard Chartered stake, then approximately 11.5%, to his children. They sold it to Singapore's Temasek Holdings in March, 2006.
Malay titles
The Malay language has a complex system of titles and honorifics, which are still used extensively in Malaysia and Brunei. Singapore, whose Malay royalty was abolished by the British colonial government in 1891, has adopted civic titles for its leaders....
Khoo Teck Puat a banker and hotel owner, who, with an estimated fortune of $4.3 billion, was formerly Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
's wealthiest man. He owned the Goodwood Group of boutique hotels in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
and was the largest single shareholder of Britain's Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
. The bulk of his fortune came from shares in British
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
bank Standard Chartered, which he bought up in the 1980s to help thwart Lloyds Bank
Lloyds Bank
Lloyds Bank Plc was a British retail bank which operated in England and Wales from 1765 until its merger into Lloyds TSB in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies...
's proposed acquisition which many financiers deemed hostile. The Goodwood Park Hotel
Goodwood Park Hotel
The Goodwood Park Hotel is a 235-room hotel in Singapore. It is located at Scotts Road in the Orchard Planning Area, within the Central Area in Singapore's central business district....
in Singapore, built in 1900, is a historic landmark that recently underwent restoration.
He was ranked as the 108th richest person in the world by Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine in 2004. The estate of Tan Sri Khoo Teck Puat had donated $80 million to Duke University
Duke University
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
.
History
Khoo gained his early education at Saint Joseph's Institution in 1930. He was educated up to Standard 8 prior to his marriage at the age of 17, and started working in OCBC bank as an Apprentice Bank Clerk by 1933. While attached with OCBC, Khoo served as the Chairman of CPF Board for a year in 1958. His rise in OCBC was rapid and he developed strong ties with Tan Chin Tuan until they had a difference of opinion which resulted him leaving OCBC in 1959 as the General Manager. He argued that OCBC was growing far too slowly and not opening enough branches in the smaller towns in Peninsular Malaya.
In 1960, Khoo restarted his career in banking by founding Malayan Banking (now commonly known as Maybank
Maybank
Maybank , a trade name for Malayan Banking Berhad is the largest bank and financial group in Malaysia, with significant banking operations in Singapore, Indonesia and the Philippines. The bank also has large interests in Islamic banking through Maybank Islamic Berhad and insurance via its Etiqa...
) with a few partners in Kuala Lumpur
Kuala Lumpur
Kuala Lumpur is the capital and the second largest city in Malaysia by population. The city proper, making up an area of , has a population of 1.4 million as of 2010. Greater Kuala Lumpur, also known as the Klang Valley, is an urban agglomeration of 7.2 million...
. The bank grew rapidly to more than 150 branches within 3 years. In 1963, the bank purchased Goodwood Park Hotel, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
for $4.8 million. In 1965, Khoo was ousted from Maybank
Maybank
Maybank , a trade name for Malayan Banking Berhad is the largest bank and financial group in Malaysia, with significant banking operations in Singapore, Indonesia and the Philippines. The bank also has large interests in Islamic banking through Maybank Islamic Berhad and insurance via its Etiqa...
by the Government of Malaysia under the then Deputy Prime Minister Tun Abdul Razak administration on the pretext of pumping the bank's money into his own private firm in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
. The political enmity between Singapore and Malaysia has taken its toll.
In 1968, Khoo bought over the Malayan Banking's Singapore properties including Goodwood Park Hotel and Central Properties for $50 million. While bitter with what the Malaysian government did, Khoo remained patriotic and kept his Malaysian citizenship. He ceased to be a director of Maybank in 1976. Though he had opened National bank of Brunei in the 1960s, his search for a legitimate banking vehicle continued.
In 1981, Khoo bought Australia's Southern Pacific Hotel Corp - parent of the Travelodge chain. He sold it in 1988 as part of his asset liquidation process to make restitution to the Brunei government.
In 1986 an opportunity arose when as a white knight, Khoo made a dramatic acquisition of a 5% stake in Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
. He subsequently grew his stake to almost 15% to become the single largest shareholder. In 1990, Khoo made a contribution of S$10 million to the Singapore Government's 25th anniversary charity fund - to help children, the elderly and the disabled. He was listed as Singapore's richest businessman by Forbes magazine in 2003.
When he died in 2004, he left his Standard Chartered stake, then approximately 11.5%, to his children. They sold it to Singapore's Temasek Holdings in March, 2006.