Wee Family Transfers Control of UOB and UOL to Heirs
One of Singapore’s Largest Wealth Transfers in Decades
The estate of Wee Cho Yaw, the late patriarch of UOB, has transferred control of the remaining shares it held to his heirs, marking the conclusion of one of Singapore’s biggest wealth transfers in decades.
Estate Transfers Control of Lender and Real Estate Arm
According to filings on Wednesday (Mar 5), the estate has relinquished control over the lender, UOB, and the family’s real estate arm, UOL Group, Singapore’s largest listed developer. The transfers at UOB for all the shares that used to be reported under his name – worth about US$9 billion – occurred over several months, according to filings. Additionally, his estate’s direct and indirect control over 38% of UOL, worth about US$1.4 billion, has also ended.
The Wee Family: Singapore’s Richest Banking Dynasty
The Wee family is Singapore’s richest banking dynasty, according to the Bloomberg Billionaires Index. Wee’s eldest son, Ee Cheong, is the chief executive officer of UOB, South-east Asia’s third-largest bank. At the time of his passing in February last year, the late Cho Yaw chaired six companies, including UOL and Tiger Balm-maker Haw Par Corp.
How the Shares Have Been Distributed
The family’s holding companies, including CY Wee & Co, are now wholly owned by Cho Yaw’s wife, three sons, and two daughters. However, it is unclear from the filings how the shares in UOB and UOL held by his estate have been distributed among the family members.
UOB Declines to Comment on Share Transfer
A spokesperson for UOB declined to comment on the Wee estate’s share transfer.
Conclusion
The transfer of control of UOB and UOL to the Wee family’s heirs marks a significant milestone in one of Singapore’s largest wealth transfers in decades. The Wee family’s continued involvement in the banking and real estate sectors is expected to have a lasting impact on the industry.
FAQs
Q: Who is Wee Cho Yaw?
A: Wee Cho Yaw was the late patriarch of UOB and a prominent businessman in Singapore.
Q: How much is the Wee family’s wealth worth?
A: The Wee family’s wealth is estimated to be worth around US$10 billion, making them Singapore’s richest banking dynasty.
Q: What is UOB?
A: UOB is a Singaporean bank and one of the country’s largest financial institutions.
Q: What is UOL?
A: UOL is a Singaporean real estate company and one of the country’s largest listed developers.
