Banker extraordinaire and takeover artist: Milestones from Wee Cho Yaw’s career
WEE Cho Yaw, arguably Singapore’s most prominent corporate and banking personality for decades, died at the age of 95 in the early hours of Saturday (Feb 3). The banking titan led UOB – the bank founded by his father – for over 60 years in various top roles, building it into a domestic and regional financial powerhouse. Under him, the bank’s network expanded from 75 to more than branches and offices globally, and assets grew from S$ billion to more than S$ billion. Though media-shy, Wee often made headlines for high-profile M&A deals, at times clashing with business rivals. The Business Times looks back at Wee’s life and career.
The early years – to
Born in to the second wife of UOB founder Wee Kheng Chiang, the younger Wee was just 19 when he started his career, and he quickly rose up the ranks of what was then known as the United Chinese Bank (UCB). In , he joined Kheng Leong, part of the family’s commodities business. Following that, he was appointed to UCB’s board in and just two years later became managing director after his father stepped down. In , the bank opened its first o
寻根之旅
Remembering Wee Cho Yaw – banker, community leader, mentor (The Straits Times)
Mr Wee also helmed the Kim Mui Hoey Kuan, for those from Kinmen county, for 48 years from as its longest-serving president. Besides leading the clan association in supporting education through donations to educational causes, he organised exhibitions and set up a library in the clan to promote arts and culture. He also contributed to the clan’s development with yearly financial contributions and generous support for its relocations and renovations.
Mr Png Yiow Beng, president of Kim Mui Hoey Kuan, said he learnt five values from Mr Wee: commitment, in his long and wide-spanning service to society; benevolence, in his generous contributions to the less fortunate; trust, in how he focused on the strategic issues and let others run the day-to-day operations; far-sightedness, in his business acumen; and fairness, in his administration of the various clan associations.
Wee Cho Yaw, former UOB chairman and one of Singapore&#;s richest men, dies aged 95
SINGAPORE: Mr Wee Cho Yaw, the former chairman and CEO of Singapore bank UOB, has died at the age of
Mr Wee is one of Southeast Asia's most successful businessmen, having helmed UOB Group for more than 60 years before he retired from the board in
He was also chairman of real estate developer UOL Group.
UOB announced his passing on Saturday (Feb 3), describing Mr Wee as a "visionary banker, celebrated businessman and community pillar" who was "pivotal to UOB’s development as a leading bank in Asia".
UOB is Singapore's third-largest bank by market cap. Mr Wee had stayed on as its Chairman Emeritus and Honorary Adviser after retiring from the board.
Born in Kinmen in , Mr Wee moved to Singapore as a child amid the Sino-Japanese war.
At the age of 28, he became the youngest director on the board of United Chinese Bank which his father Wee Kheng Chiang co-founded in
It was later renamed United Overseas Bank (UOB).
Under Mr Wee's leadership, the bank grew from one branch to a regional bank in 19 countries and territories, UOB noted.
One of Singapore's wealthiest men, the banking veteran
SINGAPORE – Billionaire Wee Cho Yaw, chairman emeritus and honorary adviser of UOB, has died at the age of The bank announced Mr Wee’s death in a Feb 3 statement on Facebook.
Described by UOB as a “visionary, banker extraordinaire, community pillar and celebrated pioneer”, Mr Wee – whose net worth was estimated by Forbes to stand at $ billion as at Feb 2 – helmed the UOB Group for more than 60 years, retiring in April
Under his leadership, the bank saw its assets increase from $ billion to more than $ billion, growing from 75 branches and offices to more than globally.
‘His values will endure at UOB’
After news of Mr Wee’s death broke, tributes poured in from political leaders, as well as organisations that were closely associated with him.
President Tharman Shanmugaratnam called the late banker “a tenacious, but very warm personality”.
Mr Tharman said: “He had an insatiable appetite for work and a shrewd eye for opportunities – unmatched in local banking. He was also committed to his staff. It made UOB a leading bank in the region, and helped build up our financial centre.”
He added that Mr Wee’s community leadership – at the Singapore Hokkien Huay Kuan and Singapore
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