Wee Cho Yaw, former chairman and the son of UOB's founder, has passed away at the age of 95.

Singapore tycoon and ex-chairman of United Overseas Bank (UOB), Dr. Wee Cho Yaw, has passed away at the age of 95, according to an announcement on Saturday.  

«It is with deep sadness that UOB announces the passing of Dr. Wee Cho Yaw, Chairman Emeritus and Adviser to the UOB Group. Dr. Wee, a visionary banker, celebrated businessman and community pillar, was pivotal to UOB's development as a leading bank in Asia,» the bank said in the statement.

Banking Career

Wee was born in 1929 in Kinmen, an eastern Taiwanese island, before moving to Singapore as a child during the Sino-Japanese War. In 1958 when he was 28 years old, Wee became the youngest board director of UOB, which his father Wee Kheng Chiang co-founded in 1935. The younger Wee was appointed chairman and CEO in 1974 before stepping down from the roles in 2007 and 2013, respectively. 

Under his leadership, UOB grew its assets from $2.8 billion to more than $253 billion in 2013 and expanded the bank’s network from a single branch to establishing a presence in 19 countries and territories. Wee also amassed great wealth, as the eighth richest in Singapore and 325th worldwide, according to Forbes, with a net worth of $7.1 billion. 

Third Generation

Wee has five children and UOB is led today by his eldest son, Wee Ee Cheong, who was appointed as the succeeding CEO in 2007.

«My father has left an indelible mark in Singapore and the region. He has been a source of inspiration for me in all aspects of my life,» said Wee, who is also the bank’s deputy chairman. «Much will be said about his business acumen and dealmaking but it will be the values of honor, enterprise, unity and commitment that will be the legacy he leaves us at UOB.»

Tributes

Following Wee’s death, there was an outpour of tributes, most notably from Singapore political leaders via social media posts. Deputy Prime Minster and Monetary Authority of Singapore chair Lawrence Wong praised Wee for his «transformative leadership» at UOB. President Tharman Shanmugaratnam said he had an «insatiable appetite for work and a shrewd eye for opportunities» that was «unmatched» in local banking.

«Cho Yaw was a titan of Singapore’s banking industry,» added Prime Minister Lee Hsien Loong while also highlighting Wee’s non-financial accomplishments across culture, education and social causes. «I will always warmly remember his passion and energy, and our many conversations across a wide range of issues over the years.»