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10th August 2012

UOB end of era as Wee Cho Yaw retires

Wee Cho Yaw is to retire as chairman of United Overseas Bank in April 2013. By then he will have held the position for 39 years and will be 84 years old. He will take the honorary title of Chairman Emeritus.


Hsieh Fu Hua, a board member and former CEO of Singapore Exchange, will become non-executive chairman at that time.


Wee Cho Yaw and his family have a controlling interest in the bank. He is estimated to be the third richest man within the Asia Pacific region. Initially he was both Executive chairman and CEO. In 2007 he appointed his son, Wee Ee Cheong as CEO. At the time Wee Cho Yaw became chairman, the bank had a single branch in Singapore. It is now Singapore's third largest bank and a major force within the region.


It was Wee Ee Cheong who announced the retirement of his father during the earnings teleconference. He also confirmed the bank's interest in acquiring the ING asset management business - if it could be acquired at the right price.