10 Facts About S’pore Banking Tycoon Wee Cho Yaw, Who Dies at Age 95

On Saturday (3 February), UOB announced the passing of Mr Wee Cho Yaw, who was 95.

Here are ten facts about the banking tycoon.

Wee Cho Yaw Led UOB for Decades

We’ve all heard of UOB — the United Overseas Bank.

It’s one of the biggest banks in Singapore. In fact, UOB is Singaopre’s third-largest bank by market cap.

But what many don’t know is that Wee Cho Yaw had led UOB for a tenure of more than 60 years.

In the past, UOB was known as United Chinese Bank. The United Chinese Bank was co-founded by Mr Wee’s father in 1935.

At the young age of 28, Mr Wee became a director on the board of the United Chinese Bank — the youngest director on the board.

What did you achieve when you were 28? 

Mr Wee later became the managing director of United Chinese Bank in 1960 when his father stepped down. Mr Wee remained at the top until he retired from the board when he stayed on as UOB’s Chairman Emeritus and Honorary Adviser.

Mr Wee did wonders for UOB, which earned him his reputation as a banking tycoon. Under Mr Wee’s leadership, UOB grew from just one branch to a regional bank in 19 countries and territories.

Mr Wee also diversified UOB’s services to include the finance business, property, insurance, realty, trustee and executor services, lease financing and merchant banking.

It’s not just a small-time bank anymore.

And others recognise Mr Wee’s extraordinary achievements as well.

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

UOB chairman Wong Kan Seng added: “His towering presence can be seen across Singapore through the many industries, businesses, individuals and communities that UOB has supported over the years.”

Indeed, he is a man who deserves his reputation.

Wee Cho Yaw was the Chairman of Real Estate Developer UOL Group Limited

That’s far from the end of Mr Wee’s list of achievements. We’re only at our second fact.

Mr Wee was also the Chairman of the real estate developer UOL Group Limited — a Singaporean headquartered company focused on investment, development, and management of real estate across the Asia-Pacific region.

And for all the “finance bros” out there, yes, UOL Group is a constituent member of the Straits Times Index.

Wee Cho Yaw was Once Singapore’s Richest Man and Remained One of the Richest for Years

With all the businesses he dabbled in, it’s no surprise that Mr Wee was once Singapore’s richest man.

In 2011, he ranked above everyone else as Singapore’s richest man, with a fortune of US$4.2 billion.

Try not to look at your bank account after reading this, okay… 

He consistently stayed on Forbes’ rich list as one of Singapore’s wealthiest men, coming in as eighth on the Forbes list with a net worth of US$7.1 billion in 2023.

Wee Cho Yaw was Born in Taiwan

As with many other tycoons, Mr Wee wasn’t born in Singapore.

The legendary banking tycoon was born in Kinmen Island, Taiwan, in 1930.

When Mr Wee was only seven years old, his family fled to Kuching to escape the Sino-Japanese War, which raged from 1937 to 1945 (you would know this if you listened in History lessons).

Wee Cho Yaw’s Education in Singapore

A year after moving to Kuching, Mr Wee moved again. This time, to the little red dot.

In Singapore, Mr Wee attended Gongshang Primary School and, subsequently, The Chinese High School, which most of us now know as Hwa Chong Institution.

However, as we all know, the 1940s were rough — Mr Wee’s education was disrupted when the Japanese invaded Singapore during the Southeast Asian theatre of the Pacific War.

So, Mr Wee had to move again — this time, to Karimun, Indonesia.

After the Japanese occupation of Singapore ended in 1945, Mr Wee finally returned to Singapore again, where he attended Chung Cheng High School.

Wee Cho Yaw Had Five Children

Later on in life, Mr Wee went on to have five children — three sons and two daughters. And his five children aren’t without their own achievements either.

Mr Wee’s oldest son, Wee Ee Cheong, is the current deputy chairman and CEO of UOB.

Like father, like son (in a good way).

Mr Wee Ee Cheong shared that his father had been “a source of inspiration” for him in all aspects of his life.

He added: “Whether it is thorough 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.”

Mr Wee’s youngest son, Wee Ee Lim, also has a board seat at UOB.

Wee Cho Yaw Headed the Hokkien Huay Kuan for Nearly 40 Years

However, Mr Wee isn’t just all about business. He gave back to the community frequently as well.

You might have heard of the Hokkien Huay Kuan or the Singapore Hokkien Association. The cultural and educational foundation was established in 1840 to promote education and social welfare, as well as to preserve the Chinese language and culture among Chinese people.

And Mr Wee headed it for nearly 40 years, from 1972 to 2010.

Yes, he headed the clan association that Tan Kah Kee used to be the president of.

The man at the top of one of Singapore’s largest banks and one of Singapore’s largest clan associations — what can he not do?

That’s not all — Mr Wee was also the founding president of the Singapore Federation of Chinese Clan Associations (SFCCA) from 1985 to 2010. Later on, he served as teh SFCCA’s honorary president.

Wee Cho Yaw’s Role in Forming the Chinese Development Assistance Council

Mr Wee also played an instrumental role in forming the Chinese Development Assistance Council (CDAC), founded in 1992 to help less fortunate Chinese families.

And, of course, to help students who were weaker in their academics.

Yes, that CDAC you used to go to as a kid to study and get free tuition wouldn’t be here without Mr Wee.

Mr Wee served as the chairman of CDAC’s board of trustees from 1992 to 2012.

Mr Wee’s role in the formation of CDAC was so pivotal that even Prime Minister Lee Hsien Loong noticed it in 2012, describing Mr Wee as a “prime mover” behind CDAC.

PM Lee added: “He led the Fund Raising Committee and donated generously to the Endowment Fund, helping to raise more than S$10 million. He helped introduce many CDAC programmes, like the CDAC-SFCCA Hardship Assistance Fund, the Bursary Schemes and many others.”

Wee Cho Yaw’s Contributions to Singapore’s Universities

At this point, you’ve probably realised that Mr Wee was quite the contributor to the Chinese community in Singapore. And as Mr Wee’s efforts in CDAC probably alluded to, Mr Wee was passionate about education.

The education scene in Singapore also recognises this — when Nanyang University was merged with the University of Singapore in 1980 to form what we now know as the National University of Singapore (NUS), Mr Wee was invited to become a council member at NUS.

Mr Wee remained a council member at NUS until 2000.

Mr Wee also became the pro-chancellor of the Nanyang Technological University (NTU) in 2004.

The Wee Cho Yaw Future Leaders Award Scholarship Programme

If you received the Wee Cho Yaw Future Leaders Award, you have, well, Mr Wee to thank for it.

UOB set up the S$50 million scholarship programme in 2015 to provide financial assistance to students from less fortunate backgrounds.

We might be at our last fact, but Mr Wee’s contributions are endless — this list of ten facts hardly does him justice.