Singapore Mourns: Banking Icon Wee Cho Yaw Dies at 95

Singapore, February 12, 2024 – The financial world mourns the loss of Singapore’s billionaire banking stalwart, Wee Cho Yaw, who passed away on Saturday morning at the age of 95. The news was confirmed by a statement from United Overseas Bank (UOB), a financial institution in which Wee Cho Yaw and his family held a significant stake.

Wee Cho Yaw, revered as a titan in Singapore’s banking and property development sectors, leaves behind a legacy of unparalleled achievement and vision. As the chairman emeritus of UOB, Wee Cho Yaw played a pivotal role in steering the bank’s remarkable expansion, transforming it from a single-branch entity into a regional powerhouse with a presence in 19 countries and territories. Under his stewardship for over five decades, UOB’s assets grew to an impressive S$516 billion ($384 billion) as of September 2023.

Recognized as an astute dealmaker within the banking industry, Wee Cho Yaw orchestrated several strategic acquisitions that propelled UOB to new heights. Notably, his leadership saw the successful S$10 billion acquisition of Singapore’s Overseas Union Bank in 2001, a move that solidified UOB’s position in the market and outpaced its larger competitor, DBS Group.

Wong Kan Seng, chairman of UOB, paid tribute to Wee Cho Yaw, hailing him as one of Singapore’s most successful entrepreneurs. “Through hard work, determination, decisiveness, and strong Asian values, he built UOB into one of the world’s most admired banks,” remarked Seng in a statement.

In 2007, Wee Cho Yaw passed the baton to his eldest son, Ee Cheong, who currently serves as the deputy chairman and CEO of UOB. Under Ee Cheong’s leadership, UOB continued its trajectory of growth and expansion, culminating in the landmark acquisition of Citibank’s consumer banking businesses across multiple Southeast Asian nations in 2022, totaling approximately $3.6 billion.

Reflecting on his father’s legacy, Ee Cheong expressed profound admiration, stating, “My father has left an indelible mark in Singapore and the region. 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.”

Beyond his contributions to the banking sector, Wee Cho Yaw was a prominent figure in Singapore’s property development landscape. With stakes in UOL Group, one of the largest property developers in Singapore, and Haw Par Corporation, renowned for its iconic Tiger Balm ointment, Wee Cho Yaw’s influence extended far beyond the realm of finance.

With a net worth of $7.1 billion, Wee Cho Yaw had been a fixture on the Forbes Billionaires list since 2000, consistently ranking among Singapore’s wealthiest individuals. His family includes his wife, Chuang Yong Eng, five children, 16 grandchildren, and 22 great-grandchildren, each a testament to his enduring legacy.

As Singapore bids farewell to a titan of industry, Wee Cho Yaw’s indomitable spirit, visionary leadership, and unwavering commitment to excellence will continue to inspire generations to come. His impact on the banking sector, property development, and the broader business community will be felt for years to come, ensuring that his memory remains etched in the annals of Singapore’s storied history.

Wee Cho Yaw’s daughter, Wei Ling, serves as the executive director of Pan Pacific Hotels Group, while his son, Ee Chao, holds the position of managing director at the esteemed stockbroking firm UOB-Kay Hian Holdings and is a board member of UOL Group. Another son, Ee Lim, holds a board seat in UOB, further solidifying the family’s enduring legacy in Singapore’s corporate landscape.

In this time of mourning, Singapore stands united in honoring the extraordinary life and legacy of Wee Cho Yaw, a visionary leader, and beloved patriarch whose impact transcends generations.