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.
UOB is Singapore's third-largest bank by market cap. Mr Wee had stayed on as its Chairman Emeritus and honorary adviser after retiring from the board.
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."
He also remembered Mr Wee's "significant contributions" to the community, including being actively involved in the promotion of the Chinese language, culture and values.
Mr Wee took on key leadership roles within the community, which continues to benefit from the Wee Foundation, which was set up in 2009 to promote the Chinese language and culture in Singapore, as well as provide education and welfare assistance to those in need.
The Prime Minister also paid tribute to Mr Wee's 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)
President Tharman Shanmugaratnam described Mr Wee as “simply unique”.
Mr Tharman, a former Monetary Authority of Singapore (MAS) chairman, said the former banking tycoon had an “insatiable appetite for work and a shrewd eye for opportunities” that was unmatched in local banking.
“He was also committed to his staff. It made UOB a leading bank in the region, and helped build up our financial centre,” the President added.
Under Mr Wee's leadership, the bank grew from one branch to a regional bank in 19 countries and territories.
Deputy Prime Minister Lawrence Wong said Mr Wee’s “transformative leadership” made UOB a regional banking powerhouse.
“His vision and ethical standards set a lasting industry benchmark, and his contributions to our financial centre and much more, will be remembered,” said Mr Wong, who is also Finance Minister and the current MAS chairman.
Deputy Prime Minister Heng Swee Keat wrote in a Facebook post that he “always admired and learnt” from Mr Wee’s drive and business acumen, as well as his commitment to serving the community.
Mr Wee served as president of the Singapore Chinese Chamber of Commerce and Industry, and was the founding president of the Singapore Federation of Chinese Clan Associations.
“Mr Wee led by example as a committed philanthropist who contributed to numerous charitable causes,” said Mr Heng.
Mr Wee Cho Yaw at a Nanyang Technological University event. (Photo: Facebook/NTU)
Mr Wee served on the council of the National University of Singapore and was in 2004 appointed the pro-chancellor of Nanyang Technological University (NTU). Both universities conferred an honorary doctor of letters on Mr Wee for his contributions.
He made “significant contributions” to the education sector, uplifting many students from all walks of life, said Education Minister Chan Chun Sing.
“Mr Wee was known both for his business acumen and for giving back to society,” he wrote in a Facebook post.
“Over the years, he contributed to our schools and various education initiatives, including Hokkien Huay Kuan affiliated schools, the Nanyang Junior College Zhong Zheng Ren Scholarship, and the Wee Cho Yaw Future Leaders Award scholarship programme.
“UOB and the Wee family also made donations to the Lee Kuan Yew Centennial Fund, which aims to develop young leaders and support underprivileged students in Singapore.”
NTU president Ho Teck Hua described Mr Wee as a “great advocate of education, philanthropy and community service”.
He said the banker, together with Wee Foundation and UOB, have gifted US$16 million to the university over the years. This was in support of education and research development, financial assistance to students from disadvantaged backgrounds, as well as grooming future leaders.
“Those who have had the opportunity to interact with him remember him as a generous man who was always willing to hear out young people and give them his advice,” said Professor Ho.
Mr Wee Cho Yaw was Nanyang Technological University's pro-chancellor. (Photo: Facebook/NTU)
Mr Wee was also the school management committee chairman of Chung Cheng High School. In a Facebook post, it said Mr Wee “dedicated his life to the betterment of education” in the school.
“Apart from generously giving in the areas of upgrading the school’s learning facilities and resources to enhance holistic development in our students, he also cared deeply about the well-being and professional growth of our staff,” said the school.
Born in Kinmen in 1930, Mr Wee moved to Singapore as a child amid the Sino-Japanese war.
At the age of 28, he became the youngest director on the board of United Chinese Bank which his father Wee Kheng Chiang co-founded in 1935.
It was later renamed United Overseas Bank (UOB).
One of Singapore's wealthiest men, the banking veteran consistently appeared on Forbes' rich list.
In 2023, he was eighth on the Forbes list of Singapore's 50th richest people, with a net worth of US$7.1 billion. He was Singapore's richest man in 2011, with a fortune of US$4.2 billion.
Mr Wee has five children. His eldest son, Wee Ee Cheong, is the current deputy chairman and CEO of UOB.
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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.
UOB is Singapore's third-largest bank by market cap. Mr Wee had stayed on as its Chairman Emeritus and honorary adviser after retiring from the board.
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."
He also remembered Mr Wee's "significant contributions" to the community, including being actively involved in the promotion of the Chinese language, culture and values.
Mr Wee took on key leadership roles within the community, which continues to benefit from the Wee Foundation, which was set up in 2009 to promote the Chinese language and culture in Singapore, as well as provide education and welfare assistance to those in need.
The Prime Minister also paid tribute to Mr Wee's 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)
President Tharman Shanmugaratnam described Mr Wee as “simply unique”.
Mr Tharman, a former Monetary Authority of Singapore (MAS) chairman, said the former banking tycoon had an “insatiable appetite for work and a shrewd eye for opportunities” that was unmatched in local banking.
“He was also committed to his staff. It made UOB a leading bank in the region, and helped build up our financial centre,” the President added.
Under Mr Wee's leadership, the bank grew from one branch to a regional bank in 19 countries and territories.
Deputy Prime Minister Lawrence Wong said Mr Wee’s “transformative leadership” made UOB a regional banking powerhouse.
“His vision and ethical standards set a lasting industry benchmark, and his contributions to our financial centre and much more, will be remembered,” said Mr Wong, who is also Finance Minister and the current MAS chairman.
Deputy Prime Minister Heng Swee Keat wrote in a Facebook post that he “always admired and learnt” from Mr Wee’s drive and business acumen, as well as his commitment to serving the community.
Mr Wee served as president of the Singapore Chinese Chamber of Commerce and Industry, and was the founding president of the Singapore Federation of Chinese Clan Associations.
“Mr Wee led by example as a committed philanthropist who contributed to numerous charitable causes,” said Mr Heng.
Mr Wee Cho Yaw at a Nanyang Technological University event. (Photo: Facebook/NTU)
EDUCATION CAUSES
Mr Wee served on the council of the National University of Singapore and was in 2004 appointed the pro-chancellor of Nanyang Technological University (NTU). Both universities conferred an honorary doctor of letters on Mr Wee for his contributions.
He made “significant contributions” to the education sector, uplifting many students from all walks of life, said Education Minister Chan Chun Sing.
“Mr Wee was known both for his business acumen and for giving back to society,” he wrote in a Facebook post.
“Over the years, he contributed to our schools and various education initiatives, including Hokkien Huay Kuan affiliated schools, the Nanyang Junior College Zhong Zheng Ren Scholarship, and the Wee Cho Yaw Future Leaders Award scholarship programme.
“UOB and the Wee family also made donations to the Lee Kuan Yew Centennial Fund, which aims to develop young leaders and support underprivileged students in Singapore.”
NTU president Ho Teck Hua described Mr Wee as a “great advocate of education, philanthropy and community service”.
He said the banker, together with Wee Foundation and UOB, have gifted US$16 million to the university over the years. This was in support of education and research development, financial assistance to students from disadvantaged backgrounds, as well as grooming future leaders.
“Those who have had the opportunity to interact with him remember him as a generous man who was always willing to hear out young people and give them his advice,” said Professor Ho.
Mr Wee Cho Yaw was Nanyang Technological University's pro-chancellor. (Photo: Facebook/NTU)
Mr Wee was also the school management committee chairman of Chung Cheng High School. In a Facebook post, it said Mr Wee “dedicated his life to the betterment of education” in the school.
“Apart from generously giving in the areas of upgrading the school’s learning facilities and resources to enhance holistic development in our students, he also cared deeply about the well-being and professional growth of our staff,” said the school.
Born in Kinmen in 1930, Mr Wee moved to Singapore as a child amid the Sino-Japanese war.
At the age of 28, he became the youngest director on the board of United Chinese Bank which his father Wee Kheng Chiang co-founded in 1935.
It was later renamed United Overseas Bank (UOB).
One of Singapore's wealthiest men, the banking veteran consistently appeared on Forbes' rich list.
In 2023, he was eighth on the Forbes list of Singapore's 50th richest people, with a net worth of US$7.1 billion. He was Singapore's richest man in 2011, with a fortune of US$4.2 billion.
Mr Wee has five children. His eldest son, Wee Ee Cheong, is the current deputy chairman and CEO of UOB.
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