Singapore's Banking Dynasty Heirs Gain Access to Estate
Singapore has undergone a historic wealth transfer as the heirs of the UOB family have gained access to a multi-billion dollar estate.
Wee Cho Yaw’s estate has transferred control of shares worth about $9 billion at UOB and $1.4 billion at UOL, Singapore’s largest developer, to his heirs, according to filings. The family holding companies, including CY Wee & Co, are now wholly owned by Wee's wife, three sons and two daughters.
Wee is the late patriarch of the UOB family who passed away on 3 February 2024 at the age of 95. He is the son of Wee Kheng Chiang who founded the UOB banking dynasty in 1935. The Singapore lender is now being led by Wee’s eldest son, Wee Ee Cheong, as CEO.
According to Forbes, the current UOB leader has a net worth of $2.3 billion.
