The Last Largest Family Bank in Singapore

Singapore media has just reported on the country's largest asset transfer event in decades at the family banking empire of United Overseas Bank (UOB) of the late chairman Wee Cho Yaw.

The late chairman Cho Yaw's father, Mr. Wee Kheng Chiang, founded UOB in 1935. Initially, the bank mainly engaged in short-term lending to a segment of ethnic Chinese businessmen in Singapore.

Over the years, the banking empire has grown rapidly. UOB is now the third largest bank in Southeast Asia by total assets. The bank offers personal financial services, commercial banking, private banking and wealth management, as well as corporate finance, venture capital and insurance services.

Wee Cho Yaw is one of the most famous names in Singapore's banking industry. The banking tycoon played a key role in the development of the UOB empire.

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Late Chairman Wee Cho Yaw. Photo: BT

He took control of the bank, then called United Chinese Bank, in 1960, becoming the youngest director on the board.

As chief executive of UOB, Wee Cho Yaw led a series of acquisitions of rival banks, including Chung Khiaw Bank in 1971. His biggest deal was the acquisition of Overseas Union Bank in 2001, beating rival DBS in a takeover battle.

As group chairman and chief executive officer of UOB, during his tenure the bank's network expanded from 75 to more than 500 branches and offices globally.

He died at the age of 95 in February 2024.

According to Bloomberg , the Wee family is Singapore's richest banking dynasty. UOB is the last largest family-owned bank in Singapore.

The biggest wealth transfer in decades

At the time of Wee Cho Yaw’s death, his five children held senior roles at UOB. His eldest son, Wee Ee Cheong, had led UOB since 2007; while his other two sons and two daughters, all in their 60s, were in charge of other businesses within the bank.

Despite stepping down as chairman of UOB in 2013, Wee Cho Yaw - known as Singapore's last banking tycoon - remained involved in the family businesses until his death.

Mr. Wee has expressed his wish that his grandchildren will play an important role in the family business.

Last February, Mr. Cho Yaw was also chairman of six companies, including UOL and Tiger Balm maker Haw Par Corp.

The estate of Mr Wee Cho Yaw has been passed to his family heirs, completing the biggest wealth transfer in Singapore in decades.

According to the filing, Mr. Wee's family has relinquished control of UOB and property group UOL Group - Singapore's largest listed property developer.

In 2004, he fought back against an attempt by state investor Temasek Holdings Pte to buy out his family’s stake in UOL. Before his death, Cho Yaw held about 30% of the shares.

The transfer at UOB of all the shares once reported in Mr Wee’s name, worth about $9 billion, took place over several months. At UOL, the family’s direct and indirect control of 38% of the company, worth about $1.4 billion, also ended.

The family also holds other companies such as CY Wee & Co, which is now wholly owned by Mr Wee Cho Yaw's wife - along with their three sons and two daughters.

However, the published documents have not clearly disclosed how the shares in UOB and UOL were divided among family members.