Singaporean billionaire Wee Cho Yeo (pictured), honorary chairman and honorary advisor of UOB, has died at the age of 95.
The bank announced Mr Wee’s death in a statement on Facebook yesterday.
Mr Wee, described by UOB as a “visionary, banker extraordinaire, pillar of the community and renowned pioneer”, had a net worth of S$7.2 billion as of February 2, according to Forbes magazine. 25.4 billion), and has been at the helm of UOB Group for longer than in 2018. He retired in April 2018 after 60 years of service.
Under his leadership, the Bank’s assets increased from S$2.8 billion to over S$253 billion, and it grew from 75 branches and offices to more than 500 worldwide.
UOB Chairman Wong Kang Seng hailed Mr Wee as one of Singapore’s “most successful entrepreneurs”.
“Through hard work, determination, determination and strong Asian values, he built UOB into one of the world’s most admired banks,” the former deputy prime minister said.
“His outstanding 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 Singapore’s development as a global financial center.”
Mr Wee’s son, UOB vice-chairman and chief executive Wee Yee Cheong, said his father had “left an indelible mark on Singapore and the region”.
“He has been a source of inspiration in every aspect of my life.
“While much will be said about his business acumen and deal-making, it is the values of honor, enterprise, unity and dedication that he will leave us with at UOB,” he said in a press statement. It will be a legacy.”
“My father’s influence and his values 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. I guess.”
The late Mr Wee, who served as UOB’s chairman and chief executive from 1974 to 2007, owned more than 18% of the bank’s shares, according to its 2022 annual report.
Forbes lists him at number 8 on Singapore’s 50 Richest People list and the 325th richest billionaire in the world.
Mr. Wee was born in Kinmen, Taiwan in 1930. Five years earlier, his father, Wee Cheng Zhang, co-founded Unified Bank of China (UCB), the predecessor of his UOB.
In 1958, he joined UCB’s board of directors. He then succeeded his father as managing director in 1960.
UCB changed its name to UOB on January 23, 1965. — Straits Times/ANN