Standard Chartered bank remained independent in the 1980s because Khoo Teck Puat acquired a significant shareholding to thwart a hostile acquisition attempt by Lloyds Bank. This move transformed the Singaporean businessman into the bank's largest single shareholder, eventually anchoring a fortune that ranked him among the wealthiest individuals in the world by the time of his death.
Early Career at OCBC
Born in 1917, Khoo attended Saint Joseph's Institution in Singapore, completing his studies up to standard eight by 1930. He began his professional life in 1933 as an apprentice clerk at the Oversea-Chinese Banking Corporation. Over several decades, he climbed the corporate ladder to become deputy general manager. During his tenure, he served as chairman of the Central Provident Fund board in 1958. A strategic disagreement with Tan Chin Tuan led to his departure from the bank in 1959.
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In 1960, Khoo co-founded Malayan Banking, now Maybank, in Kuala Lumpur. The institution expanded rapidly, opening over 150 branches within three years. His business activities coincided with a brief political career, as he served as a senator in the Malaysian parliament between 1964 and 1965. His relationship with the Malaysian government soured in 1965 when Deputy Prime Minister Tun Abdul Razak ousted him from Maybank, citing the improper use of bank funds. By 1976, he had fully ceased his directorship roles at the bank.
Hospitality and Financial Challenges
Khoo expanded into hospitality by purchasing the Goodwood Park Hotel in Singapore for S$4.8 million in 1963, later acquiring additional properties in 1968 for S$50 million. In 1981, he utilized capital from his National Bank of Brunei to purchase the Southern Pacific Hotel Corporation. Financial scrutiny following the death of Sultan Omar in 1986 forced the closure of his Brunei bank amid allegations of substantial undocumented loans. He sold the hotel group in 1988 to facilitate financial restitution.
Philanthropy and Legacy
The Khoo Foundation, established in 1981 with S$20 million, directed significant capital toward public health. A major project included S$125 million for the construction of Alexandra Hospital @ Yishun, later renamed Khoo Teck Puat Hospital. His estate also provided S$80 million to the Duke–NUS Medical School. Khoo died at Mount Elizabeth Hospital in 2004, leaving behind a complex legacy involving undisclosed company stakes that resulted in fines for his daughters and the eventual sale of his Standard Chartered shares to Temasek Holdings in 2006.
Fast facts
- Born: 1917, Singapore
- Died: 2004, Singapore
- Education: Saint Joseph's Institution
- Key Banking Role: Largest single shareholder of Standard Chartered
- Malaysian Parliamentary Role: Senator (1964–1965)
- Hospitality Assets: Goodwood Group
- Philanthropic Entity: Khoo Foundation
- Honours: Tan Sri (1966), Dato' (1965)
Questions readers ask
How did Khoo Teck Puat become involved with Standard Chartered?
He entered as a white knight in 1986, purchasing a 5% stake to help the bank resist a hostile takeover bid by Lloyds Bank.
Which hospital was named after him?
The hospital originally known as Alexandra Hospital @ Yishun was renamed Khoo Teck Puat Hospital in 2007 following a S$125 million donation from his foundation.
Achievements
- Educated at Saint Joseph's Institution
