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Today: Jun 14, 2024

Singapore Billionaire Banking Stalwart, Wee Cho Yaw, 95, Meets Eternal Rest.

1 min read

TLDR:

  • Singapore billionaire banker and property developer Wee Cho Yaw died at the age of 95.
  • Under Wee Cho Yaw’s leadership, United Overseas Bank (UOB) grew from one branch to a regional bank present in 19 countries and territories.
  • Wee Cho Yaw was known as an astute dealmaker and led UOB’s multiple acquisitions, including the S$10 billion purchase of Singapore’s Overseas Union Bank in 2001.
  • His eldest son, Ee Cheong, took over as CEO of UOB in 2007 and accelerated the bank’s regional expansion.
  • Wee Cho Yaw had a net worth of $7.1 billion and was on the Forbes Billionaires list since 2000.
  • He is survived by his wife, five children, 16 grandchildren, and 22 great-grandchildren.

Singapore billionaire banker and property developer Wee Cho Yaw passed away at the age of 95. Wee Cho Yaw was the chairman emeritus of United Overseas Bank (UOB), which his father founded in 1935. Under his leadership, UOB grew from one branch to a regional bank present in 19 countries and territories with S$516 billion ($384 billion) of assets as of September 2023. Wee Cho Yaw was known as an astute dealmaker and led UOB’s multiple acquisitions, including the S$10 billion purchase of Singapore’s Overseas Union Bank in 2001.

In 2007, Wee Cho Yaw handed over the reins of UOB to his eldest son, Ee Cheong, who is now the deputy chairman and CEO of the bank. Ee Cheong accelerated UOB’s regional expansion with the acquisition of Citibank’s consumer banking businesses across Indonesia, Malaysia, Thailand, and Vietnam in 2022. Wee Cho Yaw had a net worth of $7.1 billion and was on the Forbes Billionaires list since 2000. He was ranked No. 8 on Forbes Asia’s list of Singapore’s 50 Richest in September 2023.

Wee Cho Yaw also had stakes in other companies, including UOL Group, one of the largest property developers in Singapore, and Haw Par, maker of Tiger Balm ointment. He leaves behind his wife, five children, 16 grandchildren, and 22 great-grandchildren. Wee Cho Yaw’s legacy will be remembered for his business acumen and dealmaking, as well as his values of honor, enterprise, unity, and commitment.