Wee Cho Yaw, former UOB chairman, dies aged 95

SINGAPORE — Billionaire Wee Cho Yaw, chairman emeritus and honorary adviser of United Overseas Bank (UOB), has died at the age of 95.

The bank announced Dr Wee's death in a Feb 3 statement on Facebook.

Described by UOB as a "visionary, banker extraordinaire, community pillar and celebrated pioneer", Dr Wee — whose net worth was estimated by Forbes to stand at $7.2 billion of Feb 2 — helmed the UOB Group as director for more than 60 years, retiring in April 2018.

Under his leadership, the bank saw its assets increase from $2.8 billion to more than $253 billion, growing from 75 branches and offices to more than 500 globally.

Dr Wee, who was also UOB chairman and chief executive from 1974 to 2007, owned over 18 per cent of the bank, according to its 2022 annual report.

Forbes lists Dr Wee as eighth among its list of Singapore's 50 richest people, and 325th richest billionaire in the world.

UOB was co-founded by Dr Wee's father, Wee Khiang Cheng, in 1935. Dr Wee joined the United Chinese Bank (UCB) board, the precursor to UOB, in 1958, at age 29 and became UCB managing director in 1960, succeeding his father. UCB changed its name to UOB on Jan 23, 1965.

Along with Dr Wee, his wife, Mdm Chuang Yong Eng, and five children are on the board of directors for investment group Kheng Leong, the family's property arm.

His sons hold positions in UOB — Mr Wee Ee Cheong is the bank's deputy chairman and CEO, while Mr Wee Ee Chao and Mr Wee Ee Lim are substantial shareholders, and are also on the board of leisure and healthcare group Haw Par Corporation, famed for its Tiger Balm ointment.

One of his daughters, Mdm Wee Wei Ling, is also executive director of the Pan Pacific Hotels Group.

ALSO READ: Foreign interference law invoked against naturalised Singaporean businessman

This article was first published in The Straits Times. Permission required for reproduction.