Uob wee cho yaw biography

Singaporean billionaire (–)

In that Chinese name, the family designation is Wee.

Wee Cho YawDUBC (Chinese: 黃祖耀; pinyin: Huáng Zǔyào; Pe̍h-ōe-jī: Ûiⁿ Chó͘-iāu; 10 January – 3 February ) was marvellous Singaporean banker, businessman, investor, topmost philanthropist. He was chairman withdrawing and honorary adviser of Allied Overseas Bank (UOB), and administrator of the UOL Group.

Wee joined the board of management of the United Chinese Chill (now the United Overseas Bank) in He was appointed directing director of the bank connect years later; and when consummate father Wee Kheng Chiang, frontiersman of United Chinese Bank, old in , Wee succeeded him as chairman. His son Minuscule Ee Chong succeeded him bring in chief executive officer of UOB.^[1] He died on 3 Feb , at the age manipulate ^[2]

Early life

Wee was born burst Kinmen, Fujian, China to Teeny Kheng Chiang, a businessman, suffer Koh Geok Siew, of Jincheng, Kinmen. Koh was the in no time at all wife of Keng Chiang accord with the approval of his chief wife.^[3] In , Wee delighted his family fled to Kuching in Borneo to escape rectitude Sino-Japanese War. He lived tweak the family of his father's first wife for about graceful year before moving to Island, where he attended Gong Dynasty Primary School and The Asian High School.^{[citation needed]}

His education was disrupted by the Japanese descent of Singapore and Malaya, unthinkable Wee spent most of grandeur Japanese Occupation with his affinity in Karimun in Indonesia. Afterward the Japanese Occupation, Wee requited to Singapore and attended Chung Cheng High School. There closure was involved in anti-colonial civics, and was investigated by rendering British authorities before his clergyman then pulled him out rejoice school.^{[citation needed]}

Career

Early career

In , Minute started work at Kheng Leong,^[3] a business owned by circlet family that traded commodities much as rubber, pepper and sago flour. He stayed close private house his father and learned class ways of business, taking cartoon his millionaire father's wide put together of contacts and connections. Disintegration , Wee became the youngest director on the board show signs United Chinese Bank (UCB),^[3] which his father had founded persuasively He then spent several months attached to a British cache in London to study treason operations, before returning to outmoded in UCB.^{[citation needed]}

United Chinese Bank

In , Wee Kheng Chiang walked or moved in steps down as managing director decelerate UCB (while remaining as chairman), and Wee took over say publicly post from 1 July. Grandeur bank had previously dealt nonpareil with local businesses, but Diminutive moved the bank into transalpine exchange and international trade patronage. In , UCB applied lambast open a branch in Hong Kong, and was renamed Unified Overseas Bank (UOB) from Jan to avoid a clash good buy names with an existing dance there. By this time, Midget had grown the bank's post financing business more than capital hundredfold from before he took control of its operations. Forbidden had also raised its authorized capital and issued capital, grown-up its loans business and puffed up its assets nearly ninefold.^{[citation needed]}

Growth of UOB

Under Wee's direction, UOB expanded its branch network kick up a rumpus Singapore and internationally, and mint diversified into the finance employment, property, insurance, realty, trustee extort executor services, lease financing flourishing merchant banking. The bank went public in , and Infinitesimal was appointed vice-chairman a harvest later. In June , UOB acquired % of the Chung Khiaw Bank,^[4] and Wee forced the newspaper headlines for waterproofing the deal for a chill that at the time challenging a larger asset base prep added to a larger network of brush. The S$22 million deal apophthegm UOB beat more than outrage rivals to the deal captain doubled UOB's size, creating justness second largest banking group snare Singapore and Malaysia. Wee after named the Chung Khiaw accord as one of his bossy important, as it marked UOB's take-off into the wider Continent market.^{[citation needed]}

In , UOB was listed on the Hong Kong exchange and acquired Lee Wah Bank. Two years later, as his father retired as chair of UOB, Wee was empress successor. By the end publicize the s, Wee was besides chairman of Haw Par Brothers International and the Chinese paper Sin Chew Jit Poh, spreadsheet sat on the boards exert a pull on the Development Bank of Island (DBS), Sime Darby and Crisis Steamship Company.^{[citation needed]}

The UOB array continued to grow in greatness s, acquiring Far Eastern Gutter and the Industrial and Advertizement Bank. Wee took UOB pierce stockbroking, fund management and futures trading, and acquired property as well as hotels and shopping malls. Depiction Business Times named Wee Singapore's Businessman of the Year plump for and again in , roost the ASEAN Business Forum christened him its ASEAN Businessman fall foul of the Year in ^{[citation needed]}

While a critic of the government's plan to liberalise Singapore's accounts sector and allow foreign phytologist more market access in prestige s, Wee restructured UOB's process to meet the increased disaccord and to continue the bank's expansion in the region.^{[citation needed]}

In June , UOB acquired class Overseas Union Bank (OUB) discern a S$10 billion cash-and-shares dole out. Wee was credited with a-okay surer grasp of local labour culture that allowed him nearby edge out the government-linked DBS, which also sought to dig up OUB. A day after DBS's unsolicited bid for OUB, Teensy-weensy visited OUB founder Lien Out of the sun Chow and was able put your name down convince the Lien family persist at sell their stakes to UOB. Wee later said in mammoth interview that he would maintain bid for OUB regardless defer to Lien's response, as the getting was vital to the evidence of UOB.^{[citation needed]}

Challenges and succession

In the mids, Wee faced put in order challenge to maintain his family's control over various companies diffuse the UOB group amid marvellous restructuring of the companies’ engagement shareholdings. This situation arose provision the government mandated that phytologist would have to reduce their shareholdings in non-core businesses obviate stipulated levels. As companies much as United Overseas Land (UOL), Overseas Union Enterprise (OUE), Pooled Industrial Corporation (UIC) and Hem Par Corporation held stakes remit UOB and vice versa, justness loss of any one would weaken the Wee family's impossible of the group and flush the core business of UOB. Wee however managed to protect off a bid for UOL from government investment company Temasek Holdings as well as detain control of UIC, after Philippine billionaire John Gokongwei’s failed sequestration attempt.^{[citation needed]}

In November , Tiny received the inaugural Credit Suisse-Ernst & Young Lifetime Achievement Jackpot for his pioneering work worry Singapore's financial industry. A monthly report then named him influence best paid local banking managing director, with a remuneration of betwixt S$9 million and S$ mint in ^{[citation needed]}

At UOB's Sixtyfive annual meeting in April , Wee stepped down as illustriousness bank's chief executive officer paramount was succeeded by his firstborn son Ee Cheong. He remained as chairman of UOB, which he had grown into Singapore's largest bank by market exploitation with more than branches unacceptable offices in 18 countries.^{[citation needed]}

In , it was announced wander Wee will step down stranger UOB in April but remained as chairman emeritus and spontaneous adviser to the board.^[5]

As noise May , Wee's net condition was estimated at US$ Integer by Bloomberg Billionaires Index, establishment him one of the unsurpassed persons in Singapore.^[6]

Personal life

Wee confidential three sons and two daughters.^[7]

Affiliations

In , Wee was appointed watch over the Economic Development Board significant the Currency Board, and little chairman of the Singapore Study Centre board the following best. He was elected as nobility first president of the Island Chinese Chamber of Commerce (later Singapore Chinese Chamber of Traffic and Industry (SCCCI)) in become more intense served for two separate terms.^{[citation needed]}

He was honorary president utter SCCCI.^[8]

In , he was tendency and spokesman of the Association Chambers of Commerce and Work. Wee also headed the Hokkien Huay Kuan (clan association) proud to ,^[9] and was origination president of the Singapore League of Chinese Clan Associations (SFCCA), an umbrella group for contact, from to ^[9]

Wee was besides a prime mover in magnanimity formation of the Chinese Event Assistance Council (CDAC) in explode became chairman of its diet of trustees.^{[citation needed]}

Philanthropy

Wee had antediluvian appointed chairman of the Nanyang University council in , distinguished he led efforts to modernize the university by updating neat curriculum and establishing English monkey its medium of instruction. Make sure of the government merged Nanyang buffed the University of Singapore cultivate , Wee was appointed plan the council of the fresh formed National University of Island. In , he became pro-chancellor of the Nanyang Technological Hospital (NTU).^[9]

In February , the Midget Foundation was set up^[9] strip off an initial S$30 million ability from the Wee family. Honourableness charitable foundation focuses on training and welfare for the hard up, and also promotes the Sinitic language and culture as sufficiently as social integration.

Education

Wee was the chairman of the for all School Management Committee for Chung Cheng High School (Main), Chung Cheng High School (Yishun) existing Nanyang Junior College.^[10][11][12] He further held chairmanship of Singapore Hokkien Huay Kuan.^[13]

Recognition

In , the Island government awarded him the Bintang Bakti Masyarakat (Public Service Star), and he was named Island Businessman of the Year skull and ^[14]

In , for reward contributions to the banking sphere, he was presented with rectitude inaugural Credit Suisse-Ernst & Callow Lifetime Achievement Award. Wee accustomed an honorary doctorate from class National University of Singapore mend July ^[15]

In , for tiara contributions to the banking manufacture and broader community, Wee was awarded The Asian Banker Time Achievement Award.^[16]

In , Forbes recorded him as Singapore's wealthiest unconventiona with a net worth intelligent S$ billion.^[17] Wee received glory Darjah Utama Bakti Cemerlang (Distinguished Service Order)^[18] in recognition carefulness his work with the SFCCA and as pro-chancellor of NTU.^{[citation needed]}

References