3-2-2024 (SINGAPORE) Wee Cho Yaw, a prominent figure in Singapore’s banking sector and one of the country’s wealthiest individuals, passed away at the age of 95. The former chairman and CEO of United Overseas Bank (UOB), Wee had a remarkable career spanning over 60 years before retiring from the board in 2018. Known for his visionary leadership, Wee played a pivotal role in the development of UOB as a leading bank in Asia.
UOB, Singapore’s third-largest bank by market capitalization, announced the sad news of Wee’s demise on Saturday, February 3. Describing him as a celebrated businessman, a visionary banker, and a pillar of the community, UOB acknowledged Wee’s contributions to the bank’s growth and success over the years.
Born in Kinmen in 1930, Wee relocated to Singapore during his childhood, amidst the Sino-Japanese war. At the young age of 28, he became the youngest director on the board of United Chinese Bank, which was later renamed United Overseas Bank (UOB). Under Wee’s astute leadership, UOB expanded from a single branch to become a regional bank with a presence in 19 countries and territories.
Wee’s remarkable achievements in the banking industry led him to consistently feature on Forbes’ list of Singapore’s wealthiest individuals. In 2023, he ranked eighth on the Forbes list of the country’s 50 richest people, with a net worth of US$7.1 billion. His son, Wee Ee Cheong, currently serves as the CEO of UOB, following in his father’s footsteps.
Wee Cho Yaw’s impact extended far beyond the banking sector. He was actively involved in various community organizations and played a significant role in promoting the interests of the Chinese community in Singapore. He served as the leader of the Hokkien Huay Kuan, one of Singapore’s largest clan associations, from 1972 to 2010. Additionally, Wee was the founding president of the Singapore Federation of Chinese Clan Associations (SFCCA), an umbrella organization for local Chinese clan associations.
Notably, as president of the SFCCA, Wee played a pivotal role in the establishment of the Chinese Development Assistance Council (CDAC) in 1992. The CDAC aimed to provide assistance to underprivileged Chinese families and academically disadvantaged students. Prime Minister Lee Hsien Loong recognized Wee as a key contributor to the CDAC’s success, praising his generous donations and leadership in raising funds for the organization.
Wee Cho Yaw’s contributions to education were also significant. He served as a council member at the National University of Singapore (NUS), following the merger of Nanyang University with the University of Singapore in 1980. In 2004, he became the pro-chancellor of the Nanyang Technological University (NTU). Both universities acknowledged his outstanding contributions by awarding him an honorary doctorate in letters.
