Late Chairman Emeritus UOB Wee Cho Yaw Owns 18.5% of UOB Shares Valued at $6.6 Billion, UOB with Market Value of $35.7 Billion, Family Key Investments Held under Wee Investments & Other Vehicles, Personal Fortune of Around $10 Billion, UOB Shares to be Distributed to Children & Grandchildren, Key Shareholdings in UOB Group, Singapore Property Giants UOL & Singapore Land Group
23rd February 2024 | Hong Kong
The late Chairman Emeritus of UOB Wee Cho Yaw owns 18.5% of UOB shares valued at $6.6 billion (23/2/24: UOB market value $35.7 billion / S$48 billion), with family key investments held under Wee Investments & other vehicles. Wee Cho Yaw has a personal fortune of around $10 billion. Wee Cho Yaw eldest son Wee Ee Cheong (UOB Vice-Chairman) in UOB earnings announcement (February 2024), said UOB shares will be distributed to Wee Cho Yaw children & grandchildren. Wee Cho Yaw has key shareholdings in UOB Group, and Singapore property giants UOL & Singapore Land Group. Wee Cho Yaw is one of Singapore top businessman, billionaire & Chairman Emeritus of Singapore banking group UOB, who died at age 95 (1929 to 2024). Wee Cho Yaw was appointed as UOB Chairman & CEO in 1974 succeeding his father Wee Kheng Chiang. Wee Cho Yaw is survived by his spouse Chuang Yong Eng & 5 children Wee Ee Cheong, Ee-Chao Wee, Wee Wei Ling, Ee Lim Wee & Wee Wei Chi. UOB Group is led by his eldest son Wee Ee Cheong (CEO). UOB Group (3/2/24): “It is with deep sadness that UOB announces the passing of Dr Wee Cho Yaw, Chairman Emeritus and Adviser to the UOB Group at the age of 95. Dr Wee, a visionary banker, celebrated businessman and community pillar, was pivotal to UOB’s development as a leading bank in Asia. In the more than five decades under his extraordinary leadership, UOB grew from a one-branch bank to a regional bank in 19 countries and territories. Through his unwavering focus on prudent, disciplined and sustainable growth, UOB assets increased from $2.8 billion to more than $253 billion at the time of his retirement as Chairman in 2013. As at 30 September 2023, UOB’s assets have grown to $516 billion and the bank is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. While recognised globally as an astute and decisive businessman, it was in Singapore where Dr Wee’s legend as a consummate dealmaker was forged. While early acquisitions of Chung Khiaw Bank, Lee Wah Bank and Industrial and Commercial Bank gave an indication of his extraordinary dealmaking skill, it was the acquisition of Overseas Union Bank in 2001 that catapulted Dr Wee to one of Singapore’s foremost businessmen. Dr Wee also believed in the importance of education and giving back to the community. He was founding president of the Singapore Federation of Chinese Clan Associations (SFCCA) from 1985 to 2010. He also headed the Hokkien Huay Kuan from 1972 to 2010. To help build bridges between Singapore and China, he founded the Wee Cho Yaw Singapore-China Banking Forum. In 2015, UOB also set up the $50 million Wee Cho Yaw Future Leaders Award scholarship programme to help provide financial assistance to students from disadvantaged backgrounds. Dr Wee received many accolades over his career including the Distinguished Service Order (Singapore’s highest National Day Award), ASEAN Business Advisory Council Legacy Award for Singapore and Honorary Degrees of Doctors of Letters from the National University of Singapore and Nanyang Technological University. In 2023 March, Wee Cho Ya retired as Chairman of Singapore Land Group (31/3/23) with his son Wee Ee Lim (UOB Group CEO) appointed as the next Chairman. More info below:
“ Late Chairman Emeritus UOB Wee Cho Yaw Owns 18.5% of UOB Shares Valued at $6.6 Billion, UOB with Market Value of $35.7 Billion, Family Key Investments Held under Wee Investments & Other Vehicles, Personal Fortune of Around $10 Billion, UOB Shares to be Distributed to Children & Grandchildren, Key Shareholdings in UOB Group, Singapore Property Giants UOL & Singapore Land Group “
Singapore Top Businessman, Billionaire & Chairman Emeritus of Singapore $35 Billion Banking Group UOB Wee Cho Yaw Dies at Age 95, Appointed UOB Chairman & CEO in 1974 Succeeding His Father Wee Kheng Chiang, Personal Fortune of $10 Billion with Key Shareholdings in UOB Group, Singapore Property Giants UOL & Singapore Land Group, Spouse Chuang Yong Eng & 5 Children Wee Ee Cheong, Ee-Chao Wee, Wee Wei Ling, Ee Lim Wee & Wee Wei Chi, UOB Group Led by Eldest Son Wee Ee Cheong
3rd February 2024 – Singapore top businessman, billionaire & Chairman Emeritus of Singapore banking group UOB (2/2/24: $35 billion market value) Wee Cho Yaw has died at age 95 (1929 to 2024). Wee Cho Yaw was appointed as UOB Chairman & CEO in 1974 succeeding his father Wee Kheng Chiang. Wee Cho Yaw has a personal fortune of around $10 billion with key shareholdings in Singapore banking giant UOB Group, Singapore property giants UOL & Singapore Land Group. Wee Cho Yaw & family key investments are held under Wee Investments. Wee Cho Yaw is survived by his spouse Chuang Yong Eng & 5 children Wee Ee Cheong, Ee-Chao Wee, Wee Wei Ling, Ee Lim Wee & Wee Wei Chi. UOB Group is led by his eldest son Wee Ee Cheong (CEO). UOB Group (3/2/24): “It is with deep sadness that UOB announces the passing of Dr Wee Cho Yaw, Chairman Emeritus and Adviser to the UOB Group at the age of 95. Dr Wee, a visionary banker, celebrated businessman and community pillar, was pivotal to UOB’s development as a leading bank in Asia. In the more than five decades under his extraordinary leadership, UOB grew from a one-branch bank to a regional bank in 19 countries and territories. Through his unwavering focus on prudent, disciplined and sustainable growth, UOB assets increased from $2.8 billion to more than $253 billion at the time of his retirement as Chairman in 2013. As at 30 September 2023, UOB’s assets have grown to $516 billion and the bank is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. While recognised globally as an astute and decisive businessman, it was in Singapore where Dr Wee’s legend as a consummate dealmaker was forged. While early acquisitions of Chung Khiaw Bank, Lee Wah Bank and Industrial and Commercial Bank gave an indication of his extraordinary dealmaking skill, it was the acquisition of Overseas Union Bank in 2001 that catapulted Dr Wee to one of Singapore’s foremost businessmen. Dr Wee also believed in the importance of education and giving back to the community. He was founding president of the Singapore Federation of Chinese Clan Associations (SFCCA) from 1985 to 2010. He also headed the Hokkien Huay Kuan from 1972 to 2010. To help build bridges between Singapore and China, he founded the Wee Cho Yaw Singapore-China Banking Forum. In 2015, UOB also set up the $50 million Wee Cho Yaw Future Leaders Award scholarship programme to help provide financial assistance to students from disadvantaged backgrounds. Dr Wee received many accolades over his career including the Distinguished Service Order (Singapore’s highest National Day Award), ASEAN Business Advisory Council Legacy Award for Singapore and Honorary Degrees of Doctors of Letters from the National University of Singapore and Nanyang Technological University. In 2023 March, Wee Cho Ya retired as Chairman of Singapore Land Group (31/3/23) with his son Wee Ee Lim (UOB Group CEO) appointed as the next Chairman. More info below:
Wong Kan Seng, Chairman of UOB: “Without doubt, Wee Cho Yaw is 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. 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.”
Wee Ee Cheong, Deputy Chairman & CEO, and son of Dr Wee:” My father has left an indelible mark in Singapore and the 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.”
UOB under Wee Cho Yaw
1949 – Joined Kheng Leong, a family business trading in commodities
1958 – Appointed to UOB Board
1960 – Appointed Managing Director (Datuk Wee Kheng Chiang stepped down)
1965 – Opened 1st overseas branch, in Hong Kong
1971 – Acquired majority stake in Chung Khiaw Bank
Opened Tokyo branch
1973 – Acquired Lee Wah Bank
1974 – Appointed UOB Chairman and CEO
1975 – Opened London branch
1977 – Opened New York agency
1980 – Opened Los Angeles agency
1983 – Opened Seoul representative office
1984 – Opened Beijing representative office
1985 – Expanded in Sydney and Xiamen
1986 – Expanded into Vancouver
1987 – Acquired majority interest in Industrial & Commercial Bank in Singapore
1992 – Opened representative office in Vietnam
Opened representative office in Taipei
1994 – Opened representative office in Yangon
1997 – Merged UOB Malaysia subsidiary with CKB Malaysia subsidiary
1998 – Opened Shanghai branch
1999 – Acquired Westmont Bank in the Philippines
Acquired Radanasan Bank in Thailand
2001 – Acquired Overseas Union Bank in Singapore
2004 – Acquired 96.1% in Bank of Asia Public Company in Thailand
2005 – Increased controlling stake of PT Bank Buana in Indonesia to 61.1%
2007 – Stepped down as CEO (Wee Ee Cheong appointed CEO)
2009 – Opened Mumbai branch
2010 – Merged PT Bank UOB Indonesia with PT Bank UOB Buana
2013 – Stepped down as Chairman, Appointed Chairman Emeritus and Adviser
2015 – Completed full acquisition of Far Eastern Bank
2018 – Retired as UOB Board Director
About UOB
UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.
About UOL Group Limited
UOL Group Limited (UOL) is a leading Singapore-listed property and hospitality group with total assets of about $22 billion. The Company has a diversified portfolio of development and investment properties, hotels and serviced suites in Asia, Oceania, Europe, North America and Africa. With a track record of over 60 years, UOL strongly believes in delivering product excellence and quality service in all its business ventures. UOL, through its hotel subsidiary Pan Pacific Hotels Group Limited, owns three acclaimed brands namely “Pan Pacific”, PARKROYAL COLLECTION and PARKROYAL. The Company’s Singapore-listed property subsidiary, Singapore Land Group Limited, owns an extensive portfolio of prime commercial assets and hotels in Singapore.
About Pan Pacific Hotels Group
Pan Pacific Hotels Group is a global hospitality company that owns and/or manages more than 50 hotels, resorts and serviced suites across three brands – “Pan Pacific”, PARKROYAL COLLECTION, and PARKROYAL – encompassing more than 30 cities across Asia Pacific, North America and Europe. Headquartered in Singapore, it is a member of Singapore-listed UOL Group Limited. Pan Pacific Hotels and Resorts delivers sincere and graceful service to every guest with a passion for excellence. PARKROYAL COLLECTION Hotels and Resorts is driven by our passion for life and sustainability. PARKROYAL Hotels and Resorts is distinguished by its passion for people and places, immersing every guest into local and authentic cultures.
Singapore Land Group Limited
Singapore Land Group Limited (SingLand), formerly known as United Industrial Corporation Limited (UIC), is a premier real estate company listed since 1971. Working across a diverse portfolio of real estate including commercial offices, residential and retail properties and hotels, SingLand takes a holistic approach to development. With a large footprint in Singapore and key overseas markets, our commercial assets in Singapore currently include 2.7 million square feet of office space and 1 million square feet of retail space. SingLand is a subsidiary of UOL Group Limited. Together, we leverage each other’s strengths to drive sustainable growth for our stakeholders. SingLand Properties Limited (SingLand Properties), formerly known as Singapore Land Limited, was incorporated in 1963 and was Singapore’s first public-listed property developer. In 1990, UIC acquired the company and along with it, gained a stable of prominent property developments. These include Singapore Land Tower, Clifford Centre, SGX Centre 2, The Gateway and Marina Square. Building on SingLand Properties’ prolific legacy, UIC was renamed Singapore Land Group in 2021. It signifies our renewed commitment to continue the spirit of originality and enterprise that has helped to shape Singapore’s built environment.
Singapore Top Businessman & Chairman Emeritus of UOB Group Wee Cho Yaw Retires as Chairman of $2.47 Billion Singapore Land Group with Wee Ee Lim to Become Next Chairman, Owns Prime Buildings Including Pan Pacific Hotel Singapore, Mandarin Oriental Hotel, SGX Tower 2, UIC Building & Marina Square
3rd March 2023 – Singapore top businessman & Chairman Emeritus of UOB Group Wee Cho Yaw (Age 94) has retired as Chairman of Singapore Land Group (31/3/23) with his son Wee Ee Lim (UOB Group CEO) to become the next Chairman. Singapore Land Group has a market capitalization of $2.47 billion (3/3/23, S$3.32 billion), and owns prime buildings in Singapore including Pan Pacific Hotel Singapore, Mandarin Oriental Hotel, SGX Tower 2, UIC Building & Marina Square. Wee Cho Yaw is one of the richest man in Singapore with more than $10 billion personal fortune. Also known as Dr Wee Cho Yaw, he is highly regarded in Singapore and internationally, retiring from UOB Board in 2018 after more than 60 years. During his term as UOB Group Chairman & CEO, the bank expanded from 75 to more than 500 branches and offices globally and its assets increased from $2.8 billion to more than $253 billion.
Singapore Land Group
Singapore Land Group Limited (SingLand), formerly known as United Industrial Corporation Limited (UIC), is a premier real estate company listed since 1971. Working across a diverse portfolio of real estate including commercial offices, residential and retail properties and hotels, SingLand takes a holistic approach to development. With a large footprint in Singapore and key overseas markets, our commercial assets in Singapore currently include 2.7 million square feet of office space and 1 million square feet of retail space. SingLand is a subsidiary of UOL Group Limited. Together, we leverage each other’s strengths to drive sustainable growth for our stakeholders. SingLand Properties Limited (SingLand Properties), formerly known as Singapore Land Limited, was incorporated in 1963 and was Singapore’s first public-listed property developer. In 1990, UIC acquired the company and along with it, gained a stable of prominent property developments. These include Singapore Land Tower, Clifford Centre, SGX Centre 2, The Gateway and Marina Square. Building on SingLand Properties’ prolific legacy, UIC was renamed Singapore Land Group in 2021. It signifies our renewed commitment to continue the spirit of originality and enterprise that has helped to shape Singapore’s built environment.
UOB
UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.
Dr Wee Cho Yaw, Chairman Emeritus of UOB Group
Dr Wee Cho Yaw, visionary, banker extraordinaire, community pillar and celebrated pioneer, is highly regarded in Singapore and internationally. He retired from the UOB Board in 2018, following more than 60 years at the helm of the UOB Group. Under his leadership and guidance, UOB became one of the leading banks in Asia. During his term as Group Chairman and CEO, the Bank’s network expanded from 75 to more than 500 branches and offices globally and its assets increased from $2.8 billion to more than $253 billion through his pursuit of disciplined and sustainable growth. Dr Wee has received many accolades for his business achievements and support of education, community welfare and the business community. Among the awards conferred on him are the Distinguished Service Order, Singapore National Day Award (2011), ASEAN Business Advisory Council Legacy Award for Singapore (2017) and Honorary Doctor of Letters from the National University of Singapore (2008) and Nanyang Technological University (2014).
Dr Wee remains as Chairman Emeritus and Honorary Adviser to share his wealth of experience and insight with the Board and Management.
Highlights of UOB’s expansion since 1965 include:
- 1965 Opens 1st overseas branch in Hong Kong
- 1971 Acquires majority stake in Chung Khiaw Bank (CKB)
- Opens Tokyo Branch
- 1973 Acquires Lee Wah Bank
- 1975 Opens London branch
- 1977 Opens New York agency
- 1980 Opens Los Angeles agency
- 1983 Opens Seoul representative office
- 1984 Opens Beijing representative office
- 1985 Expands into Sydney and Xiamen
- 1986 Expands into Vancouver
- 1987 Acquires majority interest in Industrial & Commercial Bank
- 1992 1st Singapore bank to set up office in Vietnam
- Sets up Taipei representative office
- 1994 Expands into Yangon
- 1997 UOB Malaysia merges with CKB Malaysia
- 1998 Opens Shanghai branch
- 1999 Acquires Westmont Bank in the Philippines
- 1999 Acquires Radanasin Bank in Thailand
- 2001 Acquires Overseas Union Bank
- 2004 Acquires 96.1% in Bank of Asia Public Company in Thailand
- 2005 Increases controlling stake of PT Bank Buana in Indonesia to 61.1%
- 2009 Opens Mumbai branch
- 2010 Merges PT Bank UOB Indonesia with PT Bank UOB Buana
- 2015 Completes full acquisition of Far Eastern Bank
- Officially opens Yangon branch, adding to UOB’s unparalleled Southeast Asian network
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