S’porean Billionaire Wee Cho Yaw Passes Away Aged 95, He Transformed UOB Into A Regional Bank

Singapore Billionaire Wee Cho Yaw Passes Away On 3 Feb

Wee Cho Yaw, one of the most well-known figures in Singapore’s banking industry, has passed away aged 95.

The son of United Overseas Bank (UOB) founder Wee Kheng Chiang, he spearheaded the bank’s expansion during his decades-long tenure as chairman and chief executive officer (CEO).

Source: Forbes

During his time at the helm, UOB expanded its network from 75 to 500 branches and offices globally.

Its assets also grew a hundred-fold from S$2.8 billion to S$253 billion.

Former UOB chairman & CEO Wee Cho Yaw passes away

According to Lianhe Zaobao, UOB Chairman Emeritus Wee passed away at about 1am on Saturday (3 Feb), aged 95.

A titan in the Singapore banking industry, Dr Wee is known for his time at the helm of UOB Group — the banking empire that his father Wee Khiang Cheng co-founded in 1935.

Source: UOB on Facebook

Dr Wee joined the board of directors at United Chinese Bank (UCB) — the precursor of UOB — in 1958. Just two years later, he succeeded his father as UCB’s managing director.

Stepped down as UOB CEO in 2007

Over the next few decades, Dr Wee oversaw UOB’s expansion from a one-branch bank to a regional presence in 19 countries and territories.

UOB’s assets also grew a hundred-fold during his watch, from S$2.8 billion to more than S$253 billion.

Dr Wee stepped down as UOB’s CEO in 2007, handing the position over to his eldest son Wee Ee Cheong.

After six decades as the Director of the UOB board, Dr Wee retired in Apr 2018.

Forbes estimates Dr Wee’s net worth to be about US$7.2 billion (S$9.68 billion) as of Feb 2024, placing him 8th on the list of Singapore’s Richest people.

Also read: UOB Boss Wee Cho Yaw Has Bought 45 Units Of A Condo In Bulk For $411.6m

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Featured image adapted from CelebFamily and UOB Group.