SINGAPORE: Former UOB chairman and CEO, Wee Cho Yaw, was a “titan of Singapore’s banking industry,” said Prime Minister Lee Hsien Loong on Sunday (Feb 4), as he led the tributes to the late businessman.
Mr. Wee died at the age of 95, Singapore bank UOB announced on Saturday. He helmed the bank for more than 60 years before retiring from the board in 2018.
Mr. Lee said he was deeply saddened by Mr. Wee’s death and sent his condolences to his family.
“His business acumen and visionary leadership were instrumental in growing UOB into one of the most successful banks in Singapore and the region,” said the Prime Minister.
“I have known Cho Yaw personally for four decades. When I was chairman of the Monetary Authority of Singapore, overseeing major changes to the financial sector, I worked closely with him, and greatly valued his perspectives and advice,” he added. “I will always warmly remember his passion and energy, and our many conversations across a wide range of issues over the years.”
Prime Minister Lee Hsien Loong at the wake of Mr Wee Cho Yaw, speaking with Mr Wee's wife Madam Chuang Yong Eng, on Feb 4, 2024. (Photo: UOB)
He also recalled Mr. Wee’s “significant contributions” to the community, emphasizing his active involvement in promoting the Chinese language, culture, and values.
Mr. Wee assumed key leadership roles within the community, and the legacy endures through the Wee Foundation. Established in 2009, the foundation aims to promote the Chinese language and culture in Singapore, along with offering educational and welfare assistance to those in need.
The Prime Minister also acknowledged Mr. Wee’s noteworthy contributions to the education sector.
Mr Wee Cho Yaw with Prime Minister Lee Hsien Loong at UOB's 80th anniversary celebration on Nov 12, 2015. (Photo: MCI/Fyrol)
“TRANSFORMATIVE LEADERSHIP”: DPM
WONG DPM Wong described Mr. Wee as “truly one-of-a-kind”.
Highlighting Mr. Wee’s tireless work ethic and astute ability to spot opportunities, Mr. Wong, a former chairman of the Monetary Authority of Singapore (MAS), emphasized that the late banking tycoon’s dedication to his staff played a pivotal role in establishing UOB as a leading bank in the region and contributing to the growth of Singapore’s financial center.
Under Mr. Wee’s transformative leadership, UOB expanded from a single branch to a regional powerhouse spanning 19 countries and territories. Today, UOB holds the position of Singapore’s third-largest bank by market capitalization.
President Tharman Shanmugaratnam at the wake of former UOB chairman Wee Cho Yaw on Feb 4, 2024. (Photo: UOB)
Deputy Prime Minister Lawrence Wong credited Mr. Wee’s “transformative leadership” for propelling UOB into a regional banking powerhouse. Mr. Wong, who also serves as Finance Minister and the current MAS chairman, highlighted that Mr. Wee’s vision, ethical standards, and contributions to the financial sector set a lasting industry benchmark.
Deputy Prime Minister Heng Swee Keat expressed admiration and a continuous learning experience from Mr. Wee’s drive, business acumen, and dedication to community service. Mr. Wee held significant roles as president of the Singapore Chinese Chamber of Commerce and Industry and founding president of the Singapore Federation of Chinese Clan Associations. Mr. Heng also acknowledged Mr. Wee’s philanthropic efforts, contributing to various charitable causes.
Describing Mr. Wee as “passionate about education,” he served on the council of the National University of Singapore (NUS) and was appointed pro-chancellor of Nanyang Technological University (NTU) in 2004. Both universities recognized his contributions by conferring honorary doctorates of letters upon him in 2004.
Mr Wee Cho Yaw at a Nanyang Technological University event. (Photo: Facebook/NTU)
Prime Minister Lee Hsien Loong emphasized Mr. Wee’s passion for education, noting his role as chairman of the Nanyang University Council during the merger with the University of Singapore to form NUS. Serving on the NUS Council until 2000, Mr. Wee later became pro-chancellor of NTU, establishing a scholarship fund for postgraduate finance degrees at Nanyang Business School.
The UOB Wee Cho Yaw Future Leaders Award, initiated in 2015 to support underprivileged students at NTU and NUS, stands as a fitting tribute to Mr. Wee’s service and leadership. Education Minister Chan Chun Sing highlighted Mr. Wee’s significant contributions to the education sector, benefiting students from diverse backgrounds through various initiatives.
Mr. Wee’s philanthropy extended beyond education, contributing to schools and initiatives such as Hokkien Huay Kuan affiliated schools, Nanyang Junior College Zhong Zheng Ren Scholarship, and the Wee Cho Yaw Future Leaders Award scholarship program. Donations from UOB and the Wee family also supported the Lee Kuan Yew Centennial Fund, focusing on developing young leaders and aiding underprivileged students.
NTU President Ho Teck Hua lauded Mr. Wee as a great advocate for education, philanthropy, and community service. Recognizing the Wee Foundation and UOB’s contributions totaling S$16 million (US$11.9 million), Professor Ho highlighted their support for education, research development, financial assistance, and leadership development. He described Mr. Wee as a generous man, always willing to listen to young people and offer valuable advice.
Mr Wee Cho Yaw was Nanyang Technological University's pro-chancellor. (Photo: Facebook/NTU)
Mr. Wee, the school management committee chairman of Chung Cheng High School, devoted his life to enhancing education. The school, in a Facebook post, acknowledged Mr. Wee’s significant contributions to upgrading learning facilities, resources, and holistic student development. The post also highlighted his deep concern for the well-being and professional growth of the school’s staff.
Born in Kinmen in 1930, Mr. Wee relocated to Singapore as a child amid the Sino-Japanese war. At 28, he became the youngest director on the board of United Chinese Bank, founded by his father, Wee Kheng Chiang, in 1935, later renamed United Overseas Bank. Even after retiring from the board in 2018, he remained as chairman emeritus and honorary adviser.
Consistently featured on Forbes’ rich list, Mr. Wee was one of Singapore’s wealthiest individuals. In 2023, he ranked eighth on Forbes’ list of Singapore’s 50th richest people, with a net worth of US$7.1 billion. He held the title of Singapore’s richest man in 2011, with a fortune of US$4.2 billion. Mr. Wee, survived by his five children, saw his eldest son, Wee Ee Cheong, assume the role of current deputy chairman and CEO of UOB.