SINGAPORE: Wee Kyaw Yeow, former chairman and CEO of Singaporean bank UOB, has died at the age of 95.
Mr Wee is one of Southeast Asia’s most successful businessmen and was at the helm of UOB Group for more than 60 years before retiring from the board in 2018.
He was also chairman of property developer UOL Group.
UOB announced the obituary on Saturday (February 3), describing Mr Wee as a “visionary banker, prominent businessman and pillar of the community” and “a leading banker in Asia. “He was a pivotal figure in the development of UOB.”
UOB is Singapore’s third largest bank by market capitalization. Mr. Wee continued to serve as honorary chairman and honorary advisor after his retirement from the board.
Born in Kinmen in 1930, Mr Wee 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).
Under Mr Wee’s leadership, the bank has grown from one branch to a regional bank in 19 countries and territories, UOB noted.
One of Singapore’s richest people, the banking industry veteran consistently 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$7.1 billion. He was Singapore’s richest person in 2011, with his wealth reaching $4.2 billion.
Wee Cho Yo’s legacy
Mr Wee Yee Chong, the eldest of Mr Wee’s five children, currently serves as UOB’s vice chairman and CEO.
“My father left an indelible mark on Singapore and the region,” Mr Wee Yee Chong said.
“He was a source of inspiration to me in every aspect of my life. Much will be said about his business acumen and dealings, but the legacy he left us is These are the values of honor, enterprising spirit, unity and dedication. UOB.
“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.”
UOB chairman Wong Kang Seng also paid tribute to the late banking magnate, saying he was “without a doubt” one of Singapore’s most successful entrepreneurs.
“His outstanding presence can be seen across Singapore through the many industries, businesses, individuals and communities that UOB has supported over the years,” Mr Wong said.
“He has also made many important contributions to Singapore’s development as a global financial center.”
Beyond business, the late Mr. Wee was passionate about education and serving his community.
He served as chairman of Fujian Huai Kuan, one of Singapore’s largest clan associations, from 1972 to 2010. He also served as founding chairman of the Singapore Federation of Chinese Clan Associations (SFCCA), the umbrella body for local Chinese clan associations, from 1985 until 2010.
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.
In a speech commemorating the 20th anniversary of the establishment of CDAC, Prime Minister Lee Hsien Loong described Wee as the “engineering force” behind the non-profit self-help group.
“He led the fundraising committee and contributed generously to the endowment fund, helping to raise over S$10 million. ,” Lee said. said in 2012.
After Nanyang University merged with the University of Singapore in 1980, Mr Wee was invited to serve on the council of the newly established National University of Singapore (NUS).
He then became president of Nanyang Technological University (NTU) in 2004.
In recognition of Mr. Wee’s contributions, both universities awarded him an honorary doctorate of literature.
In 2015, UOB also established the S$50 million Wee Cho Yaw Future Leaders Award Scholarship Program to provide financial support to students from disadvantaged backgrounds.