– UOL Chairman Wee Cho Yaw’s passing at 95
– Long-tailed keyword: UOL Chairman Wee Cho Yaw’s death.
UOL Chairman Wee Cho Yaw Passes Away at 95
In a sad announcement made on Saturday, UOL Group shared the news of the passing of their esteemed chairman, Wee Cho Yaw. At the age of 95, Wee, who also held the position of chairman emeritus at Singapore’s UOB, had been leading UOL since 1973 and overseeing the bank controlled by his family since 1974.
Expressing deep sorrow, UOL stated, “The Management and staff of UOL Group are deeply saddened to learn of the passing of our Chairman, Dr Wee Cho Yaw at the age of 95. Dr Wee was a visionary business leader, pioneering entrepreneur, and philanthropist.”
A Visionary Leader in Property Development
Wee Cho Yaw played a pivotal role in UOB’s acquisition of Faber Union, a Singapore-listed unit of Hong Kong’s Faber Union, in 1973. As the managing director of the bank under his father’s control, Wee transformed the company into one of Singapore’s largest property developers. The renamed United Overseas Land became a key player in the real estate and hospitality sector, expanding its presence across 15 countries and accumulating total assets exceeding S$20 billion.
According to Bloomberg, Wee’s fortune was estimated to be $10.4 billion as of February, highlighting his remarkable success in the industry.
A Life Shaped by Family and Business
Born in 1929 on the island of Kinmen, which is now part of Taiwan, Wee Cho Yaw was the son of businessman Wee Kheng Chiang and his second wife, Koh Geok Siew. He moved to Singapore in 1939 and later relocated to Indonesia due to the Japanese invasion of Malaya.
Wee’s involvement in the family trading business, Kheng Leong Co, began in 1949. In 1958, he became a director of his father’s United Chinese Bank and eventually assumed the role of managing director when his father stepped down in 1960. The bank expanded its presence to Hong Kong in 1964 and was subsequently renamed UOB.
With the Wee family maintaining their position as the largest shareholders in UOB and UOL, Wee Cho Yaw passed on the chief executive position at UOB to his eldest son, Wee Ee Cheong, in 2007.
Wee Ee Cheong expressed his heartfelt sentiments, saying, “My father has left an indelible mark in Singapore and the region. The influence of my father and his values will endure at UOB, whether it is through thinking for the long-term, the importance of deep relationships, doing the right thing, or giving a helping hand to those in need.”
Continuing the Legacy
UOL, which holds control over Pan Pacific Hotels Group and Singapore Land, continues to be led by group chief executive Liam Wee Sin, who assumed the role in 2019.
The passing of Wee Cho Yaw marks the end of an era, leaving behind a legacy of remarkable achievements and contributions to the business and philanthropic communities. His vision and entrepreneurial spirit have shaped UOL and UOB into the esteemed institutions they are today.
While the cause of Wee Cho Yaw’s passing has not been disclosed, his remarkable journey and lasting impact will forever be remembered.
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– UOL Chairman Wee Cho Yaw Dies at 95
– UOL Chairman Wee Cho Yaw Passes Away at 95.
