UOB Honorary Chairman Wee Cho Yeo;
Courtesy of UOB
Singaporean billionaire banker and property developer Wee Cho Yeo died on Saturday morning at the age of 95, United Overseas Bank said in a statement. He and his family own a large amount of stock.
The cause of death was not disclosed in the statement.
The UOB chairman emeritus spearheaded the expansion of the bank, which was founded in 1935 by his father Wee Cheng Cheng. Under Mr. Wee Kyaw Yeo’s leadership for over 50 years, the Bank has grown from his one branch to a local bank with presence in his 19 countries and territories. As of September 2023, UOB had assets of S$516 billion ($384 billion).
Mr. Wee is known as an astute dealmaker in the banking industry, having led several bank acquisitions over the years. His biggest move was in 2001 when he bought Singapore’s Overseas Union Bank for S$10 billion, beating out larger rival DBS Group.
“Without a doubt, Mr Wee Kyaw Yeow is one of Singapore’s most successful entrepreneurs,” UOB chairman Wong Kang Seng said in a statement. “Through his hard work, determination, determination and strong Asian values, he has built UOB into one of the world’s most admired banks.”
In 2007, Wee handed over the reins of UOB to his eldest son, Yi Chong, who is now the bank’s vice chairman and chief executive officer. He stepped down as chairman after six years and retired from the board in 2018.
“My father left an indelible mark on Singapore and the region,” Mr Yee Cheong said in a statement. “He was 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.”
Ee Cheong accelerated UOB’s regional expansion with the acquisition of Citibank’s consumer banking business across Indonesia, Malaysia, Thailand and Vietnam for approximately $3.6 billion in 2022. His younger brother Yi Lim is a bank director.
Wie, who has a net worth of $7.1 billion, was ranked No. 8 at the time. forbes asia Mr Wee released a list of Singapore’s 50 richest people in September 2023. Besides UOB, Mr Wee also holds stakes in UOL Group, one of Singapore’s largest property developers and owner of the Pan Pacific Hotel Group, and Ho Par, the maker of the popular Tiger Balm ointment. Was. .
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