Merger maestro Wee Cho Yaw cautious on acquisitions

Singapore

UOB'S chairman emeritus Wee Cho Yaw - who orchestrated multiple acquisitions when he helmed the bank - has sounded a note of caution on mergers with other banks in today's environment.

"With acquisitions today, it's very difficult to get growth," he said on Thursday at the shareholders' meeting, noting risks in taking over not just the assets, but also the liabilities, of a target company. "We have to be very careful."