Who are Wee Cho Yaw’s Parents? – Wee Cho Yaw was a prominent Singaporean billionaire entrepreneur. He served as the chairman emeritus and honorary adviser of the United Overseas Bank (UOB) and held the position of chairman for the UOL Group.
Wee’s involvement with the United Overseas Bank (UOB) began in 1958 when he joined the board of directors of the United Chinese Bank, which later became UOB. Two years later, he assumed the role of managing director and eventually succeeded his father, Wee Kheng Chiang, as chairman in 1974.
Who are Wee Cho Yaw’s Parents?
Wee Cho Yaw’s mother was the second wife of Wee Kheng Chiang, a businessman engaged in Sarawak, hailing from the Hokkien community in Kinmen island. In 1937, the Wee family sought refuge in Kuching, Borneo, fleeing the turmoil of the Sino-Japanese War. During this period, Wee resided with the family of his father’s first wife for approximately a year. Subsequently, he relocated to Singapore, where he enrolled at Gong Shang Primary School and later pursued his education at The Chinese High School.
His early education was interrupted by the Japanese invasion of Singapore and Malaya, during which he spent most of the Japanese Occupation with his family in Karimun, Indonesia. After the war, Wee returned to Singapore, attending Chung Cheng High School, where he became involved in anti-colonial politics before being withdrawn by his father due to British authorities’ investigation.
Wee’s career took off in 1949 when he started working at Kheng Leong, his family’s business dealing in commodities like rubber, pepper, and sago flour. His immersion in the business provided him with a wealth of contacts and knowledge. In 1958, Wee became the youngest director on the board of United Chinese Bank, eventually transforming it into United Overseas Bank.
Under Wee Cho Yaw’s leadership, UOB expanded internationally, diversifying into various sectors such as finance, property, insurance, and banking. In 1970, the bank went public, and Wee was appointed vice-chairman a year later. He orchestrated strategic acquisitions, such as the Chung Khiaw Bank in 1971, and oversaw UOB’s growth in the 1980s, including the acquisition of Far Eastern Bank.
Wee faced challenges in the mid-2000s to maintain family control over UOB’s affiliated companies amidst restructuring mandated by the government. Despite bids and takeover attempts, he successfully retained control and received recognition for his achievements, including the Credit Suisse-Ernst & Young Lifetime Achievement Award in 2006.
In 2001, Wee led UOB’s acquisition of Overseas Union Bank (OUB), outmaneuvering government-linked DBS in a S$10 billion cash-and-shares deal.
Wee Cho Yaw’s affiliations extended beyond business, with roles in various organizations, including the Singapore Chinese Chamber of Commerce and Industry (SCCCI) and the ASEAN Chambers of Commerce and Industry. He received numerous awards, such as the Bintang Masyarakat Bakti from the Singapore government in 1971 and being named Singapore’s Businessman of the Year in 1990 and 2001.
In philanthropy, Wee played a key role in modernizing Nanyang University and later served on the council of the National University of Singapore. He established the Wee Foundation in 2009, focusing on education, welfare, and cultural promotion.
Source: www.ghgossip.com
