KUALA LUMPUR: Singapore banking tycoon and chairman emeritus and adviser of United Overseas Bank (UOB) Group, Wee Cho Yaw, has passed away at the age of 95.
In a statement, UOB said during his leadership spanning over five decades, Wee played a pivotal role in the transformative growth of UOB, propelling it from a single-branch bank to a formidable regional entity, with a presence in 19 countries and territories.
The bank witnessed a substantial growth in assets, soaring from S$2.8 billion to over S$253 billion by the time of his retirement as chairman in 2013.
As of Sep 30, 2023, UOB's assets have further expanded to reach S$516 billion.
The bank has garnered recognition as one of the world's premier financial institutions, receiving ratings such as Aa1 from Moody's Investors Service and AA- from both S&P Global Ratings and Fitch Ratings.
UOB Chairman Wong Kan Seng described Wee as one of Singapore's most accomplished entrepreneurs, highlighting that his tireless dedication, resolute decision-making, and unwavering adherence to strong Asian values played a pivotal role in transforming UOB into a globally esteemed financial institution.
"His towering presence can be seen across Singapore through the many industries, businesses, individuals and communities that UOB has supported over the years.
He has also made many important contributions to the development of Singapore as a global financial centre," he added.
UOB deputy chairman and chief executive officer, Wee Ee Cheong, son of Wee, remarked that his father has made an enduring impact on both Singapore and the broader region.
"He has been a source of inspiration for me in all aspects of my life. Much will be said about his business acumen and dealmaking but it will be the values of honour, enterprise, unity and commitment that will be the legacy he leaves us at UOB."Whether it is thorough thinking for the long-term, the importance of deep relationships, doing the right thing or giving a helping hand to those in need, the influence of my father and his values will endure at UOB," he said.
Wee garnered numerous honours throughout his career, including the Distinguished Service Order, Singapore's highest National Day Award, the ASEAN Business Advisory Council Legacy Award for Singapore, and honorary Doctor of Letters degrees from both the National University of Singapore and Nanyang Technological University.