Singaporean Banking Pioneer and Property Tycoon Wee Cho Yaw Passes Away at 95

Wee Cho Yaw, a prominent figure in Singapore‘s financial and property sectors, has passed away at the age of 95. He was the former chairman of United Overseas Bank Ltd (UOB) and held a significant role in UOL Group Ltd, a major property developer in Singapore.

Born in Kinmen, an island off the coast of China’s Fujian province, Wee Cho Yaw moved to Singapore in 1939. He played a pivotal role in shaping Singapore’s financial landscape after its independence from Britain in the 1960s.

Wee Cho Yaw’s legacy in the banking sector includes spearheading the acquisition of several banks across Southeast Asia to form UOB, one of the region’s largest lenders. With a net worth estimated at $10.4 billion, he made significant contributions to UOB’s growth and success.

Aside from his banking ventures, Wee Cho Yaw was also deeply involved in the property industry. He served as the chairman of UOL Group Ltd for over 50 years and played a crucial role in expanding the company’s presence in 15 countries. Notable properties under UOL’s portfolio include Pan Pacific Hotels and the SGX Centre.

Wee Cho Yaw was also instrumental in the revival of the iconic pain-relief ointment, Tiger Balm, through his involvement with Haw Par Brothers International. He consolidated the business under Haw Par Corp, contributing to its success and ensuring its enduring legacy.

Wee Cho Yaw’s contributions to UOB and UOL Group Ltd will leave a lasting impact on the business landscape of Singapore and the wider region. His values, vision, and philanthropy will continue to shape the organizations he was associated with.

The funeral of Wee Cho Yaw will be held on February 7th, and his passing marks the end of an era for Singapore’s banking and property sectors.