UOB has announced the passing of Dr Wee Cho Yaw, Chairman Emeritus and Adviser to the UOB Group at the age of 95. In a statement the baking group said Dr Wee was a visionary banker, celebrated businessman and community pillar, was pivotal to the bank’s development as a leading bank in Asia.
In the more than five decades under his extraordinary leadership, UOB grew from a one- branch bank to a regional bank in 19 countries and territories. Through his unwavering focus on prudent, disciplined and sustainable growth, UOB assets increased from $2.8 billion t more than $253 billion at the time of his retirement as Chairman in 2013. As at 30 September 2023, UOB’s assets have grown to $516 billion and the bank is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.
It was in Singapore where Dr Wee’s legend as a consummate dealmaker was forged. While early acquisitions of Chung Khiaw Bank, Lee Wah Bank and Industrial and Commercial Bank gave an indication of his extraordinary dealmaking skill, it was the acquisition of Overseas Union Bank in 2001 that catapulted Dr Wee to one of Singapore’s foremost businessmen.
Wong Kan Seng, Chairman of UOB said, “Without doubt, Wee Cho Yaw is 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. He has also made many important contributions to the development of Singapore as a global financial centre.”
Dr Wee received many accolades over his career including the Distinguished Service Order (Singapore’s highest National Day Award), ASEAN Business Advisory Council Legacy Award for Singapore and Honorary Degrees of Doctors of Letters from the National University of Singapore and Nanyang Technological University.
