Former UOB chairman Dr Wee Cho Yaw dies at 95
KUCHING: United Overseas Bank (UOB) Group chairman emeritus and advisor, Dr Wee Cho Yaw from Kuching, passed away yesterday.
He was 95.
In a statement, UOB hailed Dr Wee as ‘a visionary banker, celebrated businessman and community pillar’, adding that he 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 US$2.8 billion to more than US$253 billion at the time of his retirement as chairman in 2013.
“As of Sept 30, 2023, UOB’s assets have grown to US$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,” said UOB.
While being recognised globally as an astute and decisive businessman, it was in Singapore where Dr Wee’s legend as a consummate dealmaker was forged, it added.
While early acquisitions of Chung Khiaw Bank, Lee Wah Bank and Industrial and Commercial Bank gave an indication of his extraordinary deal-making skill, it was the acquisition of Overseas Union Bank in 2001 that catapulted Dr Wee to one of Singapore’s foremost businessmen.
“My father left an indelible mark in Singapore and the region.
“He had been a source of inspiration for me in all aspects of my life. Much might be said about his business acumen and deal-making, but the values of honour, enterprise, unity and commitment would be the legacy that he left us at UOB.
“Whether it is thorough thinking for the long-term, the importance of deep relationships, doing the right thing or giving a helping hand to those in need, the influence of my father and his values will endure at UOB,” said Dr Wee’s son, UOB Group deputy chairman and chief executive officer Wee Ee Cheong.
Dr Wee was also a believer in the importance of education and giving back to the community. He was the founding president of the Singapore Federation of Chinese Clan Associations (SFCCA) from 1985 to 2010.
He also headed the Hokkien Huay Kuan from 1972 to 2010.
To help build bridges between Singapore and China, he founded the Wee Cho Yaw Singapore-China Banking Forum.
In 2015, UOB also set up the US$50-million Wee Cho Yaw Future Leaders Award scholarship programme to help provide financial assistance to students from disadvantaged backgrounds.
Dr Wee received many accolades throughpuit 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.