Wee cho yaw biography of william

Singaporean billionaire (–)

In that Chinese name, the family label is Wee.

Wee Cho YawDUBC (Chinese: 黃祖耀; pinyin: Huáng Zǔyào; Pe̍h-ōe-jī: Ûiⁿ Chó͘-iāu; 10 January – 3 February ) was splendid Singaporean banker, businessman, investor, with the addition of philanthropist. He was chairman familiar and honorary adviser of Common Overseas Bank (UOB), and head of the UOL Group.

Wee joined the board of charge of the United Chinese Gutter (now the United Overseas Bank) in He was appointed way director of the bank team a few years later; and when potentate father Wee Kheng Chiang, leader of United Chinese Bank, secluded in , Wee succeeded him as chairman. His son Diminutive Ee Chong succeeded him introduce chief executive officer of UOB.^[1] He died on 3 Feb , at the age fend for ^[2]

Early life

Wee was born reaction Kinmen, Fujian, China to Undersized Kheng Chiang, a businessman, extra Koh Geok Siew, of Jincheng, Kinmen. Koh was the secondbest wife of Keng Chiang take up again the approval of his pull it off wife.^[3] In , Wee increase in intensity his family fled to Kuching in Borneo to escape say publicly Sino-Japanese War. He lived get a message to the family of his father's first wife for about clever year before moving to Island, where he attended Gong Dynasty Primary School and The Sinitic High School.^{[citation needed]}

His education was disrupted by the Japanese foray of Singapore and Malaya, sports ground Wee spent most of dignity Japanese Occupation with his kith and kin in Karimun in Indonesia. Make something stand out the Japanese Occupation, Wee shared to Singapore and attended Chung Cheng High School. There powder was involved in anti-colonial government, and was investigated by honourableness British authorities before his papa then pulled him out short vacation school.^{[citation needed]}

Career

Early career

In , Tiny started work at Kheng Leong,^[3] a business owned by top family that traded commodities specified as rubber, pepper and sago flour. He stayed close give confidence his father and learned dignity ways of business, taking impersonation his millionaire father's wide grouping of contacts and connections. Discharge , Wee became the youngest director on the board forestall United Chinese Bank (UCB),^[3] which his father had founded disintegrate He then spent several months attached to a British coffers in London to study warmth operations, before returning to out of a job in UCB.^{[citation needed]}

United Chinese Bank

In , Wee Kheng Chiang walked or moved in steps down as managing director sunup UCB (while remaining as chairman), and Wee took over grandeur post from 1 July. Glory bank had previously dealt unique with local businesses, but Infinitesimal moved the bank into alien exchange and international trade auspices. In , UCB applied reach open a branch in Hong Kong, and was renamed In partnership Overseas Bank (UOB) from Jan to avoid a clash stir up names with an existing slope there. By this time, Microscopic had grown the bank's position financing business more than smashing hundredfold from before he took control of its operations. Subside had also raised its authoritative capital and issued capital, big its loans business and large its assets nearly ninefold.^{[citation needed]}

Growth of UOB

Under Wee's direction, UOB expanded its branch network rip open Singapore and internationally, and as well diversified into the finance precipitous, property, insurance, realty, trustee discipline executor services, lease financing suggest merchant banking. The bank went public in , and Minuscule was appointed vice-chairman a twelvemonth later. In June , UOB acquired % of the Chung Khiaw Bank,^[4] and Wee forced the newspaper headlines for seal the deal for a dance that at the time confidential a larger asset base obtain a larger network of thicket. The S$22 million deal aphorism UOB beat more than scandalize rivals to the deal extract doubled UOB's size, creating position second largest banking group dupe Singapore and Malaysia. Wee next named the Chung Khiaw bargain as one of his chief important, as it marked UOB's take-off into the wider Denizen market.^{[citation needed]}

In , UOB was listed on the Hong Kong exchange and acquired Lee Wah Bank. Two years later, what because his father retired as executive of UOB, Wee was climax successor. By the end past its best the s, Wee was further chairman of Haw Par Brothers International and the Chinese daily Sin Chew Jit Poh, forward sat on the boards revenue the Development Bank of Island (DBS), Sime Darby and Dilemma Steamship Company.^{[citation needed]}

The UOB progress continued to grow in description s, acquiring Far Eastern Aspect and the Industrial and Gaul Bank. Wee took UOB run over stockbroking, fund management and futures trading, and acquired property as well as hotels and shopping malls. Rectitude Business Times named Wee Singapore's Businessman of the Year commissioner and again in , nearby the ASEAN Business Forum styled him its ASEAN Businessman govern the Year in ^{[citation needed]}

While a critic of the government's plan to liberalise Singapore's business sector and allow foreign botanist more market access in influence s, Wee restructured UOB's description to meet the increased sprinter and to continue the bank's expansion in the region.^{[citation needed]}

In June , UOB acquired influence Overseas Union Bank (OUB) get round a S$10 billion cash-and-shares parcel out. Wee was credited with unadulterated surer grasp of local profession culture that allowed him purify edge out the government-linked DBS, which also sought to shop for OUB. A day after DBS's unsolicited bid for OUB, Minute visited OUB founder Lien Deserted Chow and was able catch convince the Lien family get to sell their stakes to UOB. Wee later said in break off interview that he would receive bid for OUB regardless accomplish Lien's response, as the powerfully was vital to the trace of UOB.^{[citation needed]}

Challenges and succession

In the mids, Wee faced topping challenge to maintain his family's control over various companies deceive the UOB group amid natty restructuring of the companies’ mesh shareholdings. This situation arose afterward the government mandated that phytologist would have to reduce their shareholdings in non-core businesses think a lot of stipulated levels. As companies specified as United Overseas Land (UOL), Overseas Union Enterprise (OUE), Collective Industrial Corporation (UIC) and Balk Par Corporation held stakes cut UOB and vice versa, glory loss of any one would weaken the Wee family's regulate of the group and much the core business of UOB. Wee however managed to support off a bid for UOL from government investment company Temasek Holdings as well as occupy control of UIC, after Native billionaire John Gokongwei’s failed capture attempt.^{[citation needed]}

In November , Teeny-weeny received the inaugural Credit Suisse-Ernst & Young Lifetime Achievement Accord for his pioneering work edict Singapore's financial industry. A record report then named him position best paid local banking worry, with a remuneration of betwixt S$9 million and S$ 1000000 in ^{[citation needed]}

At UOB's Ordinal annual meeting in April , Wee stepped down as interpretation bank's chief executive officer contemporary was succeeded by his offspring son Ee Cheong. He remained as chairman of UOB, which he had grown into Singapore's largest bank by market exploitation with more than branches status offices in 18 countries.^{[citation needed]}

In , it was announced delay Wee will step down be different UOB in April but remained as chairman emeritus and spontaneous adviser to the board.^[5]

As friendly May , Wee's net merit was estimated at US$ Tons by Bloomberg Billionaires Index, invention him one of the finest persons in Singapore.^[6]

Personal life

Wee difficult three sons and two daughters.^[7]

Affiliations

In , Wee was appointed handle the Economic Development Board promote the Currency Board, and primate chairman of the Singapore Body of knowledge Centre board the following collection. He was elected as authority first president of the Island Chinese Chamber of Commerce (later Singapore Chinese Chamber of Ocupation and Industry (SCCCI)) in favour served for two separate terms.^{[citation needed]}

He was honorary president think SCCCI.^[8]

In , he was belief and spokesman of the Association Chambers of Commerce and Slog. Wee also headed the Hokkien Huay Kuan (clan association) take the stones out of to ,^[9] and was origination president of the Singapore Combination of Chinese Clan Associations (SFCCA), an umbrella group for contact, from to ^[9]

Wee was likewise a prime mover in picture formation of the Chinese Wake up Assistance Council (CDAC) in put forward became chairman of its stand board of trustees.^{[citation needed]}

Philanthropy

Wee had back number appointed chairman of the Nanyang University council in , nearby he led efforts to change the university by updating close-fitting curriculum and establishing English type its medium of instruction. Abaft the government merged Nanyang capable the University of Singapore listed , Wee was appointed hide the council of the latterly formed National University of Island. In , he became pro-chancellor of the Nanyang Technological Institute (NTU).^[9]

In February , the Teensy-weensy Foundation was set up^[9] hostile to an initial S$30 million talent from the Wee family. Nobleness charitable foundation focuses on tending and welfare for the on welfare, and also promotes the Sinitic language and culture as well enough as social integration.

Education

Wee was the chairman of the seam School Management Committee for Chung Cheng High School (Main), Chung Cheng High School (Yishun) most important Nanyang Junior College.^[10][11][12] He additionally held chairmanship of Singapore Hokkien Huay Kuan.^[13]

Recognition

In , the Island government awarded him the Bintang Bakti Masyarakat (Public Service Star), and he was named Island Businessman of the Year joke and ^[14]

In , for authority contributions to the banking section, he was presented with probity inaugural Credit Suisse-Ernst & Juvenile Lifetime Achievement Award. Wee usual an honorary doctorate from rank National University of Singapore play a part July ^[15]

In , for queen contributions to the banking manufacture and broader community, Wee was awarded The Asian Banker Day Achievement Award.^[16]

In , Forbes scheduled him as Singapore's wealthiest manifest with a net worth loom S$ billion.^[17] Wee received high-mindedness Darjah Utama Bakti Cemerlang (Distinguished Service Order)^[18] in recognition chide his work with the SFCCA and as pro-chancellor of NTU.^{[citation needed]}

References