A figure who led the Singapore-headquartered bank for more than five decades, Dr Wee Cho Yaw was involved at the lender during the Asian city-state's transformation into one of the great financial and wealth management hubs of the world.

A venerable figure in Asia’s banking industry, Dr Wee Cho Yaw, chairman emeritus and advisor to United Overseas Bank (UOB), has died at the age of 95.  

UOB described Dr Wee as a “visionary banker, celebrated businessman and community pillar,” who was “pivotal to UOB’s development as a leading bank in Asia.”

Dr Wee led the bank led the Singapore-headquartered bank – which provides private banking as part of its offerings – for more than five decades. During his tenure, UOB expanded from a single-branch bank to a regional player present in 19 countries and territories. 

“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,” Wong Kan Seng, chairman of UOB, said.

Wee Ee Cheong, deputy chairman and CEO, and son of Dr Wee said: “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 through 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.”

Among his activities, Dr Wee 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 Wee Cho Yaw Future Leaders Award scholarship programme to help provide financial assistance to students from disadvantaged backgrounds.

WealthBriefingAsia extends its condolences to the family, friends and colleagues of Dr Wee at this sad time.