With only one of his children in banking, the chief executive of Singapore's only bank still run by a family is open to someone from outside to take the helm.
United Overseas Bank, Singapore's oldest bank and the only one still run by a family, could soon see an outsider taking over the reins from chief executive Wee Ee Cheong, 66, who has held the position since 2007.
Wee, who replaced his father Wee Cho Yaw in the position, said in an interview with Bloomberg (behind paywall) that he is comfortable looking outside the family for his successor to lead the bank his grandfather founded in 1935.
«I will always, as I said, take in people with the right values. If they can do the job, why not?» the bank's CEO said.
Keeping it in the Family
Cho Yaw, now 90, is the bank's chairman emiritus and adviser. He took over from his father in 1960, embarking on a series of takeovers that included 10 banks. His son began his career at the bank in 1979 without much of a choice.
«You just go in and your father says try, you just try and make it happen,» he said.
Only one of his three children is in banking, middle child Teng Chuen, 35, who is UOB's first vice president. Wee said he is currently learning the ropes from other managers, so there is hope yet that UOB will continue to be led by someone from the family. The Wee family currently owns about 20 percent of the bank, Bloomberg reported.
