UOB Honorary Chairman Wee Cho Yeo;
Courtesy of UOB
Singapore’s billionaire banker and property developer Wee Kyaw Yeow has died at the age of 95, it was announced on Saturday morning. United Overseas Bankhe and his family have a significant stake.
The cause of death was not disclosed in the statement.
The UOB chairman emeritus spearheaded the expansion of the bank, which was founded in 1935 by his father Wee Cheng Cheng. Under Mr. Wee Kyaw Yeo’s leadership for over 50 years, the Bank has grown from his one branch to a local bank with presence in his 19 countries and territories. As of September 2023, UOB had assets of S$516 billion ($384 billion).
Mr. Wee is known as an astute dealmaker in the banking industry, having led several bank acquisitions over the years. His biggest move was in 2001 when he bought Singapore’s Overseas Union Bank for S$10 billion, beating out larger rival DBS Group.
“Without a doubt, Mr Wee Kyaw Yeow is one of Singapore’s most successful entrepreneurs,” UOB chairman Wong Kang Seng said in a statement. “Through his hard work, determination, determination and strong Asian values, he has built UOB into one of the world’s most admired banks.”
In 2007, Wee handed over the reins of UOB to his eldest son, Yi Chong, who is now the bank’s vice chairman and chief executive officer. He stepped down as chairman after six years and retired from the board in 2018.
“My father left an indelible mark on Singapore and the region,” Mr Yee Cheong said in a statement. “He was a source of inspiration in every aspect of my life. Much will be said about his business acumen and deal-making, but the legacy he left us at UOB and These will be the values of honor, enterprising spirit, unity, and dedication.”
Ee Cheong accelerated UOB’s regional expansion with the acquisition of Citibank’s consumer banking business across Indonesia, Malaysia, Thailand and Vietnam for approximately $3.6 billion in 2022. His son, Teng Wen, is the co-founder of Lo & Behold Group, a Singaporean restaurant and hotel chain.
Wie, who has a net worth of $7.1 billion. forbes He has been on the list of billionaires since 2000. At the time he was ranked 8th. forbes asia released the list of Singapore’s 50 richest people in September 2023. In addition to UOB, Wee was also an investor. UOL GroupHo Par is one of Singapore’s largest property developers, owner of the Pan Pacific Hotel Group, and maker of the popular Tiger Balm ointment.
Mr Wee is survived by his wife Chuan Yong Eng, five children, 16 grandchildren and 22 great-grandchildren. His daughter Wei Ling is the executive director of Pan Pacific Hotels, and his son Yi Chao is the managing director of UOB-Kay Hian Holdings, a securities company, and a member of the board of directors of UOL Group. . Another son, Yi Lim, has a seat on his UOB board.
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