UOB chairman emeritus Wee Cho Yaw.
Singapore billionaire banker and property developer Wee Cho Yaw died on Saturday morning at the age of 95, according to a statement from United Overseas Bank, in which he and his family have a significant stake.
The statement did not give the cause of death.
The chairman emeritus of UOB spearheaded expansion of the bank that his father Wee Kheng Chiang founded in 1935. Under Wee Cho Yaw’s leadership of more than five decades, the bank grew from one branch to a regional bank present in 19 countries and territories. As of September 2023, UOB had S$516 billion ($384 billion) of assets.
Known in the banking industry as an astute dealmaker, Wee led the bank’s multiple acquisitions over the years. The biggest was the S$10 billion purchase of Singapore’s Overseas Union Bank in 2001, beating out bigger rival DBS Group.
“Without doubt, Wee Cho Yaw is one of Singapore’s most successful entrepreneurs,” Wong Kan Seng, chairman of UOB, said in a statement. “Through hard work, determination, decisiveness and strong Asian values, he built UOB into one of the world’s most admired banks.”
In 2007, Wee handed the reins of UOB to his eldest son Ee Cheong, who is now deputy chairman and CEO of the bank. He stepped down as chairman six years later and retired from the board in 2018.
“My father has left an indelible mark in Singapore and the region,” Ee Cheong said in a statement. “He has been a source of inspiration for me in all aspects of my life. Much will be said about his business acumen and dealmaking but it will be the values of honor, enterprise, unity and commitment that will be the legacy he leaves us at UOB.”
Ee Cheong accelerated the regional expansion of UOB with the acquisition in 2022 of Citibank’s consumer banking businesses across Indonesia, Malaysia, Thailand and Vietnam for about $3.6 billion. His son Teng Wen is the cofounder of the Lo & Behold Group, a restaurant and hotel chain in Singapore
With a net worth of $7.1 billion, Wee was ranked No. 8 when Forbes Asia published the list of Singapore’s 50 Richest in September 2023. Besides UOB, Wee was also stakes in UOL Group—one of the largest property developers in Singapore and owner of the Pan Pacific Hotel Group—and Haw Par, maker of the popular Tiger Balm ointment.
Wee is survived by his wife Chuang Yong Eng, five children, 16 grandchildren and 22 great grandchildren. His daughter Wei Ling is executive director of Pan Pacific Hotel, while son Ee Chao is managing director of stockbroking firm UOB-Kay Hian Holdings and sits on the board of UOL Group. Another son, Ee Lim, has a board seat in UOB.
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