Who owns united overseas bank

Although banking represents the company's primary business, UOB is also present in real estate, through a 40 percent stake in United Overseas Land; and in trading, through a 30 percent stake in Haw Par Corporation, which produces, among other products, Tiger Balm ointments. The Wee family remains the company's largest single shareholder, with a combined stake of some 20 percent. Founded more than a century earlier, Singapore had become a thriving trade city and, like many countries in the region, home to a large native Chinese population.

Leading the group was Wee Kheng Chiang, of Chinese descent, whose father had built up a business empire in Malaysia and Singapore in the early part of the century. The Wee family eventually took control of the bank. When Singapore achieved its independent city state status in , the bank's name was changed, becoming United Overseas Bank.

In that year, the bank also took its first step onto the regional market when it opened its first foreign branch, in Hong Kong. The bank remained a minor player, both in Singapore and especially in the Asia Pacific region when it went public in , with a listing on what was at the time the Joint Stock Exchange of Singapore and Malaysia. By then, however, the Singapore government had begun a major push to modernize the state and, especially, rebuild it as one of the region's major financial centers.

Wee, by then joined by son Wee Cho Yaw, had recognized that this political will was to have a far-reaching impact on the country's banking community, especially once the government inevitably opened the domestic financial market to foreign competitors. In order to survive, Singapore's banks, many of which were small, family-owned affairs, would be forced to grow.

During the s, United Overseas Bank launched its own growth drive through a series of targeted acquisitions. In , the bank bought up majority control of Chung Khiaw Bank, which not only strengthened its domestic network, but also gave it offices in Malaysia and Hong Kong. United Overseas Bank's next acquisition came two years later, with the purchase of Lee Wah Bank, which also operated throughout Singapore and Malaysia. The following year, Wee Kheng Chiang, who had been given the honorary title of Datuk "Sir" , turned over leadership of the family's holdings to Wee Cho Yaw.

In that year, the company reinforced its new image as a major Singapore bank with the inauguration of its first office tower, the story UOB Building. United Overseas Bank continued to expand its operations through the late s. While continuing to build on its presence in Singapore and Malaysia, the bank also stepped up its presence elsewhere in the region, notably in Hong Kong and in Tokyo, through Tye Hua Bank.

The two sides broke off discussions in , however. The company also had begun building up a full range of financial services, including brokerage and other investment services. In the mids, UOB became one of the first to enter the slowly opening Chinese economy, opening a representative office in Beijing in Acquisitions remained an important motor to United Overseas Bank's growth over the next decade.

Dr Chia was appointed to the Board on 1 October and was last re-elected as Director on 30 April Dr Chia joined GIC in and held various positions in economics and strategy, foreign exchange and quantitative investments before being appointed as its Chief Risk Officer CRO in , a position he held until his retirement in March Mrs Woon was appointed to the Board on 1 September A career banker with more than 40 years of investment banking experience, she held various senior management positions at international financial institutions overseeing corporate finance matters ranging from equity fund raising and debt offerings to public company takeovers.

She is also a council member of the Singapore Red Cross. Skip To Main Content. Board of Directors Group Management Committee. Quick Links Currency Converter. Forging a Sustainable Future Responsible Financing. Board of Directors. Wong Kan Seng, Chairman Independent. Show less. He was awarded the Public Service Star in for his contribution to the arts in Singapore.

He was awarded the Public Service Medal in Audit Committee. Board Risk Management Committee. Executive Committee. United We work as a team. Every one of us is united to reach individual and corporate goals through cooperation, mutual respect and loyalty.

Committed We are committed to performance. We are accountable for ensuring that UOB is a trusted source of stability, security and strength. Our Customer Commitments Treat you fairly We ensure we maintain the highest professional and moral standards in all our dealings with you. We have uncompromising discipline, clarity and bravery to do what is right for you and every decision is made in your best interest.

Provide you with the right solutions We connect you with solutions that make the most out of your experiences with us. Working together with you, we provide expert tools, knowledgeable guidance and clear direction to help you manage your day-to-day and future requirements, however complex your needs. Know you personally The value we place on relationships is reflected in our desire to make every experience a personalised one for you.

By anticipating your needs and understanding you better with every interaction, learning your preferences and knowing what matters to you, we make your experience feel it is all about you. Be there when it matters We are dedicated to stand by your side, to celebrate your achievements and to be present in your future, in good and in bad times.

We provide you with personal guidance, backed by a seamless and consistent delivery built around your ambitions — to be relevant in your lives as you experience your biggest moments, and always to be close to you.

Our Network. Regional Focus, Global Reach Since our incorporation in , UOB's global footprint has expanded through both organic growth and through a series of strategic acquisitions. Our established regional network includes wholly-owned banking subsidiaries in our key markets. Corporate Social Responsibility.

We were built with an enterprising spirit. We work as a team. We are committed to performance. Treat you fairly. We ensure we maintain the highest professional and moral standards in all our dealings with you. Provide you with the right solutions.