UOB said in a statement on Saturday: “UOB is deeply saddened to announce the passing of Dr Wee Kyaw Yeow, Honorary Chairman and Advisor of the UOB Group, at the age of 95.
“Dr Wee was a visionary banker, prominent businessman and pillar of the community, and a pivotal figure in UOB’s development as a leading bank in Asia.”
Wee was born in Kinmen in 1930 and moved to Singapore as a child during the Sino-Japanese War.
At age 28, he became the youngest director on the board of United Chinese Bank, which was co-founded by his father, Wee Cheng Cheng, in 1935.
It was later renamed United Overseas Bank (UOB) and under Wee’s leadership, became Singapore’s third-largest bank by market capitalization.
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One of Singapore’s richest people, the banking industry veteran regularly appears on Forbes’ list of richest people.
In 2023, he ranked 8th on Forbes magazine’s list of Singapore’s 50 richest people, with a net worth of US$7.2 billion.
Mr Wee Yee Chong, the eldest of Mr Wee’s five children, is the current CEO of UOB.
“My father left an indelible mark on Singapore and the region,” Mr Wee Yee Chong said.
“He has been a source of inspiration in every aspect of my life. Much will be said about his business acumen and deal-making, but the legacy he left us at UOB and These will be the values of honor, enterprising spirit, unity, and dedication.
“My father’s influence and values will remain at UOB, including thinking thoroughly from a long-term perspective, the importance of deep relationships, doing the right thing, and reaching out to those in need. Sho.”
The late Mr Wee’s contributions to Singapore extend beyond business.
He led Fujian Huai Kuan, one of Singapore’s largest clan associations, from 1972 to 2010. He was also the founding chairman of the Singapore Federation of Chinese Clan Associations (SFCCA), the umbrella body for local Chinese clan associations.
As SFCCA chairman at the time, he was instrumental in establishing the China Development Assistance Council (CDAC). The council was established in 1992 to support disadvantaged Chinese families and academically weak students.
“He led the fundraising committee and contributed generously to the endowment fund, helping to raise over S$10 million. I was instrumental in its implementation,” Lee said in 2012.
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After Nanyang University merged with the University of Singapore in 1980, Wee was invited to serve as a trustee of the newly established National University of Singapore (NUS).
He then became president of Nanyang Technological University (NTU) in 2004.
Both universities awarded Wee an honorary doctorate of literature for his contributions.