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UOB chief sees pay rise 12% to S$10.56m in 2018

UNITED Overseas Bank (UOB) chief executive Wee Ee Cheong was paid S$10.56 million in 2018, up 12 per cent from the S$9.4 million he got in 2017.

Most of his pay package came from his bonus, which rose to S$9.33 million from S$8.14 million in 2017, according to the bank's annual report on Wednesday. 

In comparison, DBS Group Holdings chief executive Piyush Gupta enjoyed a 15.5 per cent pay raise to S$11.9 million for 2018. Bulk of his pay came from increases in his cash bonus and share plan to S$4.5 million and S$6.1 million respectively. 

UOB's net profit and revenue hit record highs last year, thanks to efforts in tapping intra-regional flows bearing fruit. The bank saw a threefold increase in deposit inflows in the past three years and cross-border revenue making up 25 per cent of its wholesale banking income.

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In 2019, the bank said it expects market volatility to remain elevated, with key risks coming from ongoing US-China trade tensions, US fiscal and monetary policy settings, and a slowing China. 

In its financial results briefing in February, UOB said it expects mid single-digit growth for both loans and fee income, and net interest margin to be flat or see "limited potential upside" this year.