Khoo Puat
Singapore- Biography of Khoo Teck Puat
- Early Life and Career
- Malayan Banking and Goodwood Park Hotel
- Goodwood Park Hotel Ownership
- Legacy and Death
Biography of Khoo Teck Puat
Khoo Teck Puat, a Singaporean banker and owner of the Goodwood Group hotel chain in London and Singapore, was one of the wealthiest individuals in Singapore. He was also the largest shareholder of the British bank, Standard Chartered.
Early Life and Career
Khoo Teck Puat studied in Singapore and shortly after completing his education, he married at the age of 17 and secured a position as a clerk at Oversea-Chinese Banking Corporation (OCBC). However, he quickly climbed the corporate ladder, displaying impressive career advancement. During his time at OCBC, Puat formed a friendship with Tan Chin Tuan. Unfortunately, their friendship came to an end in 1959 when Puat left the company. The conflict between them arose from differing strategic views, with Puat believing that the bank was developing too slowly and opening too few branches in small towns.
Malayan Banking and Goodwood Park Hotel
Puat returned to the banking industry fairly quickly and in 1960, he co-founded Malayan Banking with a group of partners. This project demonstrated Puat's vision of rapid growth, as the bank acquired more than 150 branches within three years. In 1963, Malayan Banking purchased the Goodwood Park Hotel in Singapore. However, Puat was ousted from Malayan Banking in 1965 when representatives from the Malaysian government accused him of transferring funds to his private firm in Singapore.
Goodwood Park Hotel Ownership
In 1968, Puat repurchased some assets from the bank, including Goodwood Park Hotel. In 1976, he completely severed ties with Malayan Banking but continued his involvement in the banking industry by establishing a national bank in Brunei. Puat's breakthrough in his career came in 1986 when he acquired a 5% stake in Standard Chartered Bank, together with two other businessmen. They successfully prevented the bank from being acquired by Lloyds Bank. Puat later increased his shareholding significantly, becoming the largest shareholder of the company.
Legacy and Death
Khoo Teck Puat passed away on February 21, 2004, at the age of 87. At the time of his death, he was ranked 108th among the world's richest individuals. He bequeathed his 11.5% stake in Standard Chartered Bank to his children, who sold the shares to Singapore's Temasek Holdings in March 2006.
