Wee Cho Yaw, the billionaire who transformed Singapore’s financial landscape has passed away

Wee Cho Yaw, the billionaire who transformed Singapore’s financial landscape by merging multiple family-owned banks, has passed away at the age of 95. Wee, who served as the chairman emeritus of the Singaporean financial giant United Overseas Bank Limited, had been leading the UOL Group since 1973 and had been the head of the bank controlled by his family since 1974.

He amassed a net worth of $10.4 billion as of February 2024. Wee stepped down as chairman of UOB in 2013 but stayed on as chairman emeritus and a honorary adviser.

In early 2022, his oldest son, Wee Ee Cheong, the deputy chairman and chief executive officer (CEO) of United Overseas Bank (UOB), led the bank in its first hefty takeover in 16 years, agreeing to pay about S$4.9 billion to buy the consumer assets of Citigroup Inc. in Indonesia, Malaysia, Thailand, and Vietnam. Wee Ee Cheong has been ranked #319 among the Best CEOs In The World, 2024. He has a bachelor’s degree in business administration and a master’s degree in applied economics — both from the American University.

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