Wee Cho Yaw

$7.10 B

Ranked #325 in World

About Wee Cho Yaw

Wee Cho Yaw, a Singaporean billionaire businessman, is the chairman emeritus and honorary adviser of United Overseas Bank (UOB) and United Industrial Corporation (UIC) in Singapore, as well as the chairman of the UOL Group. Born in 1929, Wee's early life was disrupted by the Sino-Japanese War, during which he fled to Borneo to escape. He began his career at Kheng Leong, a family business, before joining UCB, which he eventually renamed to UOB. Under his leadership, UOB expanded its branch network, diversified its services, and underwent restructuring to meet increased competition. Wee also played a significant role in various organizations and received numerous accolades for his achievements. He established the Wee Foundation in 2009 to focus on philanthropic endeavors. Wee's net worth is estimated at US$9.47 billion by the Bloomberg Billionaires Index as of May 2021.

Born

January 10, 1929 in Kinmen, Fujian, China

Source Of Wealth

Banking

Industries

Finance & Investments

Citizenship

Singapore

Spouse

Chuang Yong Eng

Children

Parent

Wee Kheng Chiang

Wee Cho Yaw, born in 1929, was the son of Wee Kheng Chiang, a businessman operating in Sarawak, and his second wife. In 1937, to escape the Sino-Japanese War, the family fled to Kuching in Borneo. Wee attended Gong Shang Primary School and The Chinese High School in Singapore. However, his education was disrupted by the Japanese invasion, and he spent most of the Japanese Occupation with his family in Karimun, Indonesia. After the war, he returned to Singapore and attended Chung Cheng High School.

Wee became involved in anti-colonial politics and was investigated by the British authorities. Concerned about his son's safety, Wee Kheng Chiang pulled him out of school.

Wee Cho Yaw: Family

Wee Cho Yaw's father, Wee Kheng Chiang, was a successful businessman who founded United Chinese Bank (UCB) in 1935. His mother was the second wife of Wee Kheng Chiang.

Wee Cho Yaw married Cheng Wai Kuen, and they had four children: Wee Ee Cheong, Wee Ee Lim, Wee Ee Chao, and Wee Ee Ling.

Wee Cho Yaw: Career Highlights

Wee Cho Yaw's career highlights include:

Started work at Kheng Leong, a family business trading commodities, in 1949.
Became the youngest director on the board of United Chinese Bank (UCB) in 1958.
Took over as managing director of UCB in 1960, succeeding his father.
Renamed UCB to United Overseas Bank (UOB) in 1965.
Grew trade financing business more than a hundred-fold, raised authorized and issued capital, expanded loans business, and increased assets nine-fold.
Expanded UOB's branch network in Singapore and internationally.
Diversified into finance, property, insurance, realty, trustee and executor services, lease financing, and merchant banking.
Acquired 49.8% of Chung Khiaw Bank in 1971, doubling UOB's size and creating the second-largest banking group in Singapore and Malaysia.
Listed UOB on the Hong Kong exchange and acquired Lee Wah Bank in 1972.
Succeeded his father as chairman of UOB in 1974.

Continued growth in the 1980s, acquiring Far Eastern Bank and Industrial and Commercial Bank.
Expanded into stockbroking, fund management, and futures trading, acquired properties including hotels and shopping malls.
Named Singapore's Businessman of the Year in 1990 and 2001, ASEAN Businessman of the Year in 1995.
Restructured UOB's operations to meet increased competition and continue regional expansion amid the government's plan to liberalize the banking sector in the 1990s.
Acquired Overseas Union Bank (OUB) in 2001, edging out government-linked DBS in a S$10 billion deal.
Stepped down as UOB's chief executive officer in 2007, succeeded by eldest son Ee Cheong, remained as chairman.

Wee Cho Yaw: Companies

Wee Cho Yaw was associated with the following companies:

United Overseas Bank (UOB)
United Chinese Bank (UCB)
United Industrial Corporation (UIC)
United Overseas Land (UOL)
Haw Par Brothers International
Sin Chew Jit Poh
DBS
Sime Darby
Straits Steamship Company
Far Eastern Bank
Industrial and Commercial Bank
Overseas Union Bank (OUB)

Wee Cho Yaw: Major Achievements

Wee Cho Yaw's major achievements include:

Transformed United Overseas Bank (UOB) from a small local bank into a leading regional financial institution.
Diversified UOB's business into various financial services, including finance, property, insurance, realty, trustee and executor services, lease financing, and merchant banking.
Expanded UOB's branch network in Singapore and internationally, establishing a presence in major financial centers around the world.
Led the acquisition of several banks, including Chung Khiaw Bank, Lee Wah Bank, Far Eastern Bank, and Industrial and Commercial Bank, which significantly increased UOB's size and market share.
Played a key role in the development of Singapore's financial sector, serving on various government boards and committees.
Actively involved in promoting trade and economic cooperation within ASEAN and the Asia-Pacific region.
Made significant contributions to education, philanthropy, and community service through various initiatives and organizations.

Wee Cho Yaw: Awards & Achievements

Wee Cho Yaw received numerous awards and recognitions for his contributions to business, banking, and society, including:

Bintang Masyarakat Bakti (Public Service Star) in 1971
Singapore Businessman of the Year in 1990 and 2001
ASEAN Businessman of the Year in 1995
Inaugural Credit Suisse-Ernst & Young Lifetime Achievement Award in 2006
Honorary doctorate from National University of Singapore in 2008
Darjah Utama Bakti Cemerlang (Distinguished Service Order) in 2011

Wee Cho Yaw: Personal Life & Legacy

Wee Cho Yaw was married to Cheng Wai Kuen, and they had four children: Wee Ee Cheong, Wee Ee Lim, Wee Ee Chao, and Wee Ee Ling.

Wee Cho Yaw is known for his humility, integrity, and commitment to excellence.

He is widely respected as a visionary leader who transformed UOB into a global financial powerhouse. His legacy includes his contributions to the development of Singapore's financial sector, his philanthropic work, and his dedication to promoting education and community service.

Wee Cho Yaw: Trivia

Wee Cho Yaw is an avid golfer and has served as the president of the Singapore Island Country Club.

He is also a well-known philanthropist and has made significant contributions to various educational and charitable organizations.

In 2011, Wee Cho Yaw was listed as Singapore's wealthiest individual by Forbes, with a net worth of S$4.2 billion.

Wealth History

Timeline

1929

Wee Cho Yaw is born in Singapore.

1937

Wee Cho Yaw flees to Kuching in Borneo to escape the Sino-Japanese War.

1949

Wee Cho Yaw starts work at Kheng Leong, a family business trading commodities.

1958

Wee Cho Yaw becomes the youngest director on the board of United Chinese Bank (UCB).

1960

Wee Cho Yaw takes over as managing director of UCB, succeeding his father.

1965

UCB is renamed United Overseas Bank (UOB) to avoid name clash in Hong Kong.

1970

UOB goes public, Wee Cho Yaw is appointed vice-chairman.

1971

UOB acquires 49.8% of Chung Khiaw Bank, doubling UOB's size and creating the second-largest banking group in Singapore and Malaysia.

1972

UOB is listed on the Hong Kong exchange and acquires Lee Wah Bank.

1974

Wee Cho Yaw succeeds his father as chairman of UOB.

1990

Wee Cho Yaw is named Singapore's Businessman of the Year.

1995

Wee Cho Yaw is named ASEAN Businessman of the Year.

2001

UOB acquires Overseas Union Bank (OUB), edging out government-linked DBS in a S$10 billion deal.

2006

Wee Cho Yaw receives inaugural Credit Suisse-Ernst & Young Lifetime Achievement Award.

2007

Wee Cho Yaw steps down as UOB's chief executive officer, succeeded by eldest son Ee Cheong, remained as chairman.

2008

Wee Cho Yaw receives honorary doctorate from National University of Singapore.

2009

Wee Foundation established with S$30 million endowment, focuses on education, welfare, Chinese language and culture, and social integration.

2011

Wee Cho Yaw receives Darjah Utama Bakti Cemerlang (Distinguished Service Order) for work with SFCCA and as pro-chancellor of NTU.

Wee Cho Yaw : FAQs

What is Wee Cho Yaw's net worth?

As of 2023, Wee Cho Yaw's net worth was $7.10 billion.

What are Wee Cho Yaw's main sources of wealth?

Wee Cho Yaw's main source of income comes from Banking.

In which industry does Wee Cho Yaw primarily operate?

Wee Cho Yaw is primarily involved in the Finance & Investments industry.

How many children does Wee Cho Yaw have?

Wee Cho Yaw has 5 children.

Who is Wee Cho Yaw?

Wee Cho Yaw is a Singaporean billionaire businessman, chairman emeritus, and honorary adviser of United Overseas Bank (UOB) and United Industrial Corporation (UIC) in Singapore. He is also the Chairman of the UOL Group.

What is Wee Cho Yaw's early life like?

Wee Cho Yaw was born in 1929. His mother was the second wife of Wee Kheng Chiang, a businessman operating in Sarawak. He fled to Kuching in Borneo in 1937 to escape the Sino-Japanese War. He attended Gong Shang Primary School and The Chinese High School in Singapore, but his education was disrupted by the Japanese invasion. He spent most of the Japanese Occupation with his family in Karimun, Indonesia. After the war, he returned to Singapore and attended Chung Cheng High School. He was involved in anti-colonial politics and was investigated by British authorities.

What is Wee Cho Yaw's role in United Overseas Bank (UOB)?

Wee Cho Yaw started working at Kheng Leong, a family business trading commodities, in 1949. He became the youngest director on the board of United Chinese Bank (UCB) in 1958, which was founded by his father. He took over as managing director of UCB in 1960, succeeding his father. He moved the bank into foreign exchange and international trade financing. In 1965, he renamed UCB to United Overseas Bank (UOB) to avoid name clash in Hong Kong. Under his leadership, UOB's trade financing business grew significantly.

How did United Overseas Bank (UOB) grow under Wee Cho Yaw's leadership?

Under Wee Cho Yaw's leadership, UOB expanded its branch network in Singapore and internationally. It diversified into finance, property, insurance, realty, trustee and executor services, lease financing, and merchant banking. UOB went public in 1970, and Wee Cho Yaw was appointed vice-chairman in 1971. UOB acquired Chung Khiaw Bank in 1971, doubling its size and creating the second-largest banking group in Singapore and Malaysia. It was listed on the Hong Kong exchange and acquired Lee Wah Bank in 1972. Wee Cho Yaw succeeded his father as chairman of UOB in 1974. UOB continued to grow in the 1980s, expanding into stockbroking, fund management, and futures trading, and acquiring properties including hotels and shopping malls.

What are Wee Cho Yaw's affiliations and recognition?

Wee Cho Yaw has held various affiliations throughout his career. He was appointed to the Economic Development Board and Currency Board in 1969 and became the chairman of the Singapore Science Centre board in 1970. He was elected the first president of the Singapore Chinese Chamber of Commerce in 1971 and served two terms. He is currently the honorary president of the SCCCI. He received recognition throughout his career, including being named Singapore Businessman of the Year in 1990 and 2001 and receiving the inaugural Credit Suisse-Ernst & Young Lifetime Achievement Award in 2006.