Singapore billionaire Wee Cho Yaw (pic), chairman emeritus and honorary adviser of UOB, has died at the age of 95.
The bank announced Wee’s death in a statement on Facebook yesterday.
Described by UOB as a “visionary, banker extraordinaire, community pillar and celebrated pioneer”, Wee – whose net worth was estimated by Forbes to stand at S$7.2bil (RM25.4bil) as of Feb 2 – helmed the UOB Group for more than 60 years, retiring in April 2018.
Under his leadership, the bank saw its assets increase from S$2.8bil to more than S$253bil, growing from 75 branches and offices to more than 500 globally.
UOB chairman Wong Kan Seng lauded Wee as one of Singapore’s “most successful entrepreneurs”.
“Through hard work, determination, decisiveness and strong Asian values, he built UOB into one of the world’s most admired banks,” said the former deputy prime minister.
“His towering presence can be seen across Singapore through the many industries, businesses, individuals and communities that UOB has supported over the years.
“He has also made many important contributions to the development of Singapore as a global financial centre.”
Deputy chairman and chief executive of UOB Wee Ee Cheong, who is Wee’s son, said that his father has “left an indelible mark in Singapore and the region”.
“He has been a source of inspiration for me in all aspects of my life.
“Much will be said about his business acumen and deal-making, but it will be the values of honour, enterprise, unity and commitment that will be the legacy he leaves us at UOB,” he added in a press statement.
“Whether it is thorough thinking for the long term, the importance of deep relationships, doing the right thing or giving a helping hand to those in need, the influence of my father and his values will endure at UOB.”
The late Wee, who was UOB’s chairman and chief executive from 1974 to 2007, owned more than 18% of the bank, according to its 2022 annual report.
Forbes lists him as eighth on its list of Singapore’s 50 richest people, and the 325th-richest billionaire in the world.
Wee was born in Kinmen, Taiwan, in 1930 – five years before his father, Wee Kheng Chiang, co-founded the United Chinese Bank (UCB), the precursor to UOB.
In 1958, he joined the board of UCB. He then became its managing director in 1960, succeeding his father.
UCB changed its name to UOB on Jan 23, 1965. — The Straits Times/ANN
