UOB charman emeritus Wee Cho Yaw passes away at 95

He expanded UOB to a multinational bank present in over 19 countries and territories. 

UOB announced that its chairman emeritus and adviser Dr. Wee Cho Yaw had passed away. He was 95.

Wee led UOB for over five decades, where he expanded the bank’s assets from $2.8b to more than $253b by the time of his retirement as chairman in 2013. UOB currently has $516b in assets.

He is notedly known for his skills as a dealmaker, with the acquisition of Overseas Union Bank in 2001 and early acquisitions of Chung Khiaw Bank, Lee Wah Bank, and the Industrial and Commercial Bank, according to UOB.

Dr. Wee’s son, Wee Ee Cheong–who is now the bank’s deputy chairman and CEO— called his father a source of inspiration.

“My father has left an indelible mark in Singapore and the region,” Wee said in a statement on his father’s passing. “Much will be said about his business acumen and dealmaking, but it will be the values of honour, enterprise, unity and commitment that will be the legacy he leaves us at UOB. 

“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,” he added.

UOB chairman Wong Kan Seng called Wee 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. His towering presence can be seen across Singapore through the many industries, businesses, individuals and communities that UOB has supported over the years,” Wong said.

Apart from his role in UOB, Wee was also the founding president of the Singapore Federation of Chinese Clan Associations (SFCCA) from 1985 to 2010. He also headed the Hokkien Huay Kuan from 1972 to 2010; and founded the Wee Cho Yaw Singapore-China Banking Forum. 

In 2015, UOB set up the $50m Wee Cho Yaw Future Leaders Award scholarship programme to help provide financial assistance to students from disadvantaged backgrounds.