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Wee Cho Yaw, the former chairman and CEO of Singapore bank UOB, has died at the age of 95.
Wee is one of Southeast Asia’s most successful businessmen, having helmed UOB Group for more than 60 years before he retired from the board in 2018.
He was also chairman of real estate developer UOL Group.
In a statement on Saturday, UOB said: “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.”
Born in Kinmen in 1930, 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), and under Wee’s leadership, it became Singapore’s third-largest bank by market cap.
Frank Tsao, towering pioneer of Asian shipping, dies at 94
One of Singapore’s wealthiest men, the banking veteran consistently appears 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$7.2 billion.
Mr Wee has five children. His eldest son, Wee Ee Cheong, is the current deputy chairman and CEO of UOB.
“My father has left an indelible mark in Singapore and the region,” said Wee Ee Cheong.
“He has been a source of inspiration for me in all aspects of my life. Much will be said about his business acumen and deal making 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.”

The late Wee’s contributions to Singapore extend beyond business.
He led the Hokkien Huay Kuan – one of Singapore’s largest clan associations – from 1972 to 2010. He was also the founding president of the Singapore Federation of Chinese Clan Associations (SFCCA), the umbrella group for local Chinese clan associations.
As then-president of the SFCCA, he was instrumental in the formation of the Chinese Development Assistance Council (CDAC), which was founded in 1992 to help less fortunate Chinese families and academically weaker students.
Prime Minister Lee Hsien Loong, in his speech to mark the CDAC’s 20th anniversary, described Wee as a “prime mover” behind the non-profit self-help group.
“He led the fundraising Committee and donated generously to the Endowment Fund, helping to raise more than S$10 million. He helped introduce many CDAC programmes, like the CDAC-SFCCA Hardship Assistance Fund, the Bursary Schemes and many others,” Lee said in 2012.
Philippine tycoon and San Miguel boss Eduardo Cojuangco dies
After Nanyang University was merged with the University of Singapore in 1980, Wee was invited to become a council member of the newly formed National University of Singapore (NUS).
He later became pro-chancellor of the Nanyang Technological University (NTU) in 2004.
Both universities had conferred an honorary doctor of letters on Wee for his contributions.
This story was first published by CNA


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Singapore

Singapore banking tycoon Wee Cho Yaw, former UOB chairman, dies at 95

Banking tycoon Wee Cho Yaw helmed UOB Group for more than 60 years before he retired from the board in 2018. Photo: The Straits Times


UOB chairman Wee Cho Yaw (centre) at a press conference in Hong Kong in 1989. Photo: SCMP

Frank Tsao, who went from civil war migrant to towering pioneer of Asian shipping, dies aged 94

Frank Tsao Wen-king in 2003. Photo: SCMP

Malaysia's Prime Minister Mahathir Mohamad speaks during a news conference in Putrajaya, Malaysia, July 15, 2019. REUTERS/Lim Huey Teng

Mr Frank Tsao Wen-king, Chairman of the shipping group International Maritime Carriers.

Chairman of IMC Holdings Limited Frank Tsao Wen-king (left) and his son Managing Director Frederick Chavalit Tsao attending the company's press conference. Mr Frederick Tsao will replace his father as Chairman next week.

Philippine tycoon and San Miguel boss Eduardo ‘Danding’ Cojuangco dies

Eduardo Cojuangco, who served as chairman of San Miguel Corporation for decades, has died at the age of 85. The conglomerate’s core business was food and drink, but it had interests in power, mining, infrastructure and property. Photo: Reuters

FILE - In this June 19, 2011, file photo, San Miguel Corporation chairman Eduardo Cojuangco Jr., left, greets then congresswoman Imelda Marcos, the widow of the late strongman Ferdinand Marcos, during the 40th wedding anniversary of Philippine Senator Miriam Santiago and Narciso at Manila's Cathedral in Philippines. Philippine tycoon Cojuangco, a key ally of the late dictator Ferdinand Marcos and a low-key businessman who led a food and beverage empire that produced San Miguel beer, has died Tuesday night, June 16, 2020. He was 85. (AP Photo/Aaron Favila, File)

Philippine children hold coconuts during a protest at Manila Bay November 18, 2003. Dozens of coconut farmers criticised the government of President Gloria Macapagal Arroyo for proposing out-of-court deals on the disputed coconut levy fund with business tycoon Eduardo Cojuangco. REUTERS/Romeo Ranoco

MAN03:PHILIPPINES-SAN MIGUEL:MANILA,8 JUL 98 - Businessman Eduardo Cojuangco talks to reporters during his first day in office as chairman of San Miguel Corporation in Manila July 8. The former top associate of late dictator Ferdinand Marcos, back in power as chairman of San Miguel Corp., pledges to put the company back on solid footing after being pummelled by Asia's financial turmoil. edc/Photo by Erik de Castro REUTERS

A customer buys San Miguel products at a store in Manila, 09 May 2006. San Miguel chairman Eduardo Cojuangco said 09 May the firm will focus on increasing efficiency and sustaining growth this year after a series of ambitious acquistions abroad in recent years. Net income for the the first quarter hit 2.17 billion pesos, a seven percent increase from the same period last year, he said. AFP PHOTO/Jay DIRECTO

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Asia

Southeast Asia

The visionary banker, one of Southeast Asia’s most successful businessmen, helmed UOB Group for more than 60 years
‘My father has left an indelible mark in Singapore and the region,’ said the billionaire’s eldest son Wee Ee Cheong


The visionary banker, one of Southeast Asia’s most successful businessmen, helmed UOB Group for more than 60 years.


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Millionaires and billionaires

United Overseas Bank (UOB)