Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
10th August 2012
UOB end of era as Wee Cho Yaw retires
Wee Cho Yaw is to retire as chairman of United Overseas Bank in April 2013. By then he will have held the position for 39 years and will be 84 years old. He will take the honorary title of Chairman Emeritus.
Hsieh Fu Hua, a board member and former CEO of Singapore Exchange, will become non-executive chairman at that time.
Wee Cho Yaw and his family have a controlling interest in the bank. He is estimated to be the third richest man within the Asia Pacific region. Initially he was both Executive chairman and CEO. In 2007 he appointed his son, Wee Ee Cheong as CEO. At the time Wee Cho Yaw became chairman, the bank had a single branch in Singapore. It is now Singapore's third largest bank and a major force within the region.
It was Wee Ee Cheong who announced the retirement of his father during the earnings teleconference. He also confirmed the bank's interest in acquiring the ING asset management business - if it could be acquired at the right price.