S'pore banking titan and former UOB boss Wee Cho Yaw dies at 95

Billionaire Wee Cho Yaw, chairman emeritus and honorary adviser of UOB, has died at the age of 95. The bank announced Mr Wee’s death in a Feb 3 statement on Facebook.

- Ian Cheng

Described by UOB as a “visionary, banker extraordinaire, community pillar and celebrated pioneer”, Mr Wee – whose net worth was estimated by Forbes to stand at $7.2 billion as at Feb 2 – helmed the UOB Group for more than 60 years, retiring in April 2018.

Under his leadership, the bank saw its assets increase from $2.8 billion to more than $253 billion, growing from 75 branches and offices to more than 500 globally.

After news of Mr Wee’s death broke, tributes poured in from political leaders, as well as organisations that were closely associated with him.

President Tharman Shanmugaratnam called the late banker “a tenacious, but very warm personality”.

Mr Tharman said: “He had an insatiable appetite for work and a shrewd eye for opportunities – unmatched in local banking. He was also committed to his staff. It made UOB a leading bank in the region, and helped build up our financial centre.”

He added that Mr Wee’s community leadership – at the Singapore Hokkien Huay Kuan and Singapore Federation of Chinese Clan Associations (SFCCA) – had left a permanent legacy.

“Wee Cho Yaw was simply unique. He left us today at age 95, but will never be forgotten,” Mr Tharman said.

Deputy Prime Minister and Finance Minister Lawrence Wong praised Mr Wee’s “transformative leadership”, which turned UOB into a regional banking powerhouse.

“His vision and ethical standards set a lasting industry benchmark, and his contributions to our financial centre and much more will be remembered,” said DPM Wong.

Deputy Prime Minister Heng Swee Keat said Mr Wee was passionate about uplifting other businesses, particularly small and medium-sized enterprises in Singapore.