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.

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.

Mr Lee said he was deeply saddened by Wee's death and has 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 (MAS), 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 Wee's "significant contributions" to the community, including being actively involved in the promotion of the Chinese language, culture and values.

Wee took on key leadership roles within the community, which continues to benefit from the Wee Foundation. It 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 Wee's contributions in the education sector.

'TRANSFORMATIVE LEADERSHIP': DPM WONG

President Tharman Shanmugaratnam described Wee as “simply unique”.

Mr Tharman, a former 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 Wee's leadership, the bank grew from one branch to a regional bank in 19 countries and territories. UOB is Singapore's third-largest bank by market cap. 

Deputy Prime Minister Lawrence Wong said 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 Wee’s drive and business acumen, as well as his commitment to serving the community.

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.

'PASSIONATE ABOUT EDUCATION'

Wee served on the council of the National University of Singapore (NUS). In 2004, he was appointed the pro-chancellor of Nanyang Technological University (NTU). Both universities conferred honorary doctor of letters on Wee for his contributions.

The Prime Minister said Wee was "passionate about education".

"As chairman of the Nanyang University Council, he oversaw the difficult process of merging Nanyang University with the University of Singapore to form NUS, thereafter serving on the NUS Council till 2000," said Mr Lee.

When Wee became pro-chancellor of NTU, he established a scholarship fund to support pursuing postgraduate finance degrees at Nanyang Business School.

The UOB Wee Cho Yaw Future Leaders Award, launched in 2015 to assist less privileged students studying at NTU and NUS, is a "fitting tribute" to Wee's service and leadership, added Mr Lee.

Wee 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 Wee as a “great advocate of education, philanthropy and community service”.

He said the banker, together with Wee Foundation and UOB, have gifted S$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.

Wee was also the school management committee chairman of Chung Cheng High School. In a Facebook post, the school said Wee “dedicated his life to the betterment of education”.

“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, 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.

After retiring from the board in 2018, he had stayed on as its chairman emeritus and honorary adviser.

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 50 richest people, with a net worth of US$7.1 billion (S$9.5 billion). He was Singapore's richest man in 2011, with a fortune of US$4.2 billion.

Wee has five children. His eldest son, Mr Wee Ee Cheong, is the current deputy chairman and CEO of UOB. CNA