Wee family members ‘welcome’ as part of bank succession if they have passion, desire: UOB CEO

MEMBERS of UOB’s controlling Wee family are “more than welcome” in the bank’s succession plans, but only if they have the passion and interest to be part of the team, said UOB chief executive officer (CEO) Wee Ee Cheong.

“Yes, if the family members are interested, they’re more than welcome. But I think they need passion, they need love, and they need the desire to be part of the team,” he said, in response to questions on succession planning at a media briefing on Thursday (Feb 22) for the bank’s fourth-quarter results.

In the meantime, Wee said he is already growing a team professionally, who are “more than happy to look forward” to taking charge.

Wee, who is also deputy chairman at UOB, noted that maintaining the culture of the organisation is an important part of succession.

These were the values and culture that had been set out by his late father and chairman emeritus of UOB Wee Cho Yaw, who died in early February.

The late Wee led UOB for over 60 years as chief executive and chairman, building it into a domestic and regional financial powerhouse. Under him, the bank’s network expanded from 75 to more than 500 branches and offices globally, and assets grew from S$2.8 billion to more than S$253 billion.

Among the late Wee’s children, son Wee Ee Chao is managing director of UOB Kay Hian; another son Wee Ee Lim is CEO of Haw Par Corporation and sits on UOB’s board; while daughter Wee Wei Ling is executive director at Pan Pacific Hotels Group.

As for Wee Ee Cheong’s children, son Wee Teng Wen is managing partner of hospitality company The Lo & Behold Group; while his other son Wee Teng Chuen had earlier left the bank to join a real estate investment company.

The UOB CEO noted that the late Wee has not been involved in operations for a “good eight to 10 years”.

“He planted the seeds, created the right values and principles (to guide the organisation). But as far as earnings are concerned, the young management has already taken over,” he said.

Wee noted that most of the late chairman’s stake are already in family companies, while he hopes the remaining personal stakes will be distributed out to the children and grandchildren.

“Hopefully, (the children) can remember that this is a legacy asset given by their grandfather or great-grandfather.

“His legacy will live on in the principles that he has imparted – to do right by our customers and to value relationships for the long term,” he added.