[Big read] How UOB’s Wee Ee Cheong masters the long game

Wee Ee Cheong, the third-generation UOB chief, recently posed a question to AI: what will UOB’s market capitalisation be in ten years?

The year 2025 marks UOB’s 90th anniversary, and it will reach its centenary in ten years. AI predicted that relative to its current S$57.5 billion (US$44.5 billion) market capitalisation, UOB, Singapore’s third-largest bank, will be worth between S$90 billion and S$100 billion then. Wee’s response to that figure is: “Too conservative!”

In a recent exclusive interview with Lianhe Zaobao, Wee said, “This figure did not factor in Southeast Asia’s growth potential or geopolitical risks, but it is a good reference point.”

As of the end of 2024, UOB accounted for about 21% of Singapore-dollar deposits and about 25% of Singapore-dollar loans in the local market. The bank aims to accelerate its business expansion in Southeast Asia, targeting to increase the share of revenue from the Southeast Asian market to 30% next year while maintaining Singapore’s share of revenue at 50%.

As companies are forced to relocate amid global economic restructuring and increasing trade barriers, Wee considers Southeast Asia as an attractive region and the current sweet spot for growth. UOB, with its established regional presence and networks, is well-positioned to ride this wave.

In Malaysia, where UOB is already the largest foreign bank, Wee sees huge growth potential. UOB’s credit card data shows that Malaysia is Singaporeans’ top destination for overseas spending, with 50% in Johor Bahru. “While this is good news for individual consumers, it could mean pressure for Singapore’s retailers, and we need to find a balance,” he noted.

Wee pointed out that UOB has seven branches within the Johor-Singapore Special Economic Zone (JS-SEZ) that can help Singapore companies expand across the causeway to operate in both markets. “This might be the best option for our clients,” he said.

Wee cautioned that if the JS-SEZ develops too rapidly, Singapore’s small- and medium-sized enterprises and some retailers may be affected. The process must be orderly and gradual, and “overthinking it serves no purpose”.

He also believes that breakthroughs are needed in Singapore’s economy, which is currently undergoing transformation. “We must capitalise on our advantages, stay flexible and never become complacent, believing we are the best. On the contrary, we need a sense of crisis; otherwise, many things will end up costing us more than they cost others.”

Despite Southeast Asia’s promising long-term outlook, UOB’s recent performance has faced headwinds.

In November 2025, UOB reported a 72% year-on-year drop in third-quarter earnings to around S$400 million, below market expectations. The bank also announced a pre-emptive additional general provision of some S$600 million, a stark contrast to the other two major local banks’ stronger-than-expected earnings. 

UOB’s share price has fallen by more than 5% so far this year.

Analysts generally regard the additional provisions as the shock of the earnings season. UOB has explained that they have been set aside to address issues in the commercial real estate sector in Greater China and the US, including the quarter-on-quarter 13% increase in non-performing loans in Greater China.

This interview took place just prior to the earnings release. Commenting on business cycles, Wee said, “The storm will pass. We must learn when to hold on and when to let go. There is no need to worry too much.”

He acknowledges that the current market conditions were not ideal, with falling interest rates affecting UOB’s profits. Its exposure to Hong Kong’s property market has also had some impact. Nevertheless, Wee believes that Hong Kong has the support of mainland China’s economy, so overall it is not a major concern.

On UOB’s position, Wee said, “There is no cause for alarm even with some bad debts, as UOB has strong profitability and sufficient reserves.”

He mentioned that three years ago, UOB acquired Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam for S$4.9 billion, which strengthened its profitability.

“We have strong profitability. Even if earnings decrease from S$100 to S$80, that is fine. We keep moving forward,” he pointed out.

Meanwhile, UOB is also developing non-interest income businesses such as wealth management and private banking businesses, attracting family offices from mainland China, Taiwan, Hong Kong and Southeast Asia. The bank aims to increase its non-interest income contribution to 37% of total revenue in 2026.

Regarding this, Wee believes UOB has certain advantages. “You know, we use chopsticks for our meals. Beyond banking infrastructure and systems, this sense of cultural familiarity is very important too,” he said. “If I were running a foreign bank, it would be entirely different as this sense of familiarity would not be so evident.”

With Tan Su Shan succeeding Piyush Gupta as group CEO of DBS in March 2025, and Helen Wong retiring from the position of group CEO of OCBC at the end of 2025, to be succeeded by Deputy CEO Tan Teck Long in January 2026, the market’s attention is naturally drawn to when UOB might refresh its leadership team.

The 72-year-old Wee does not shy away when it comes to succession and the next generation of leadership. When I asked, “You must be tired of this question by now,” he replied that he was not, noting that the successor would become clear in the coming years.

However, he admitted, “This is not something where you can decide today and have it in place tomorrow.” He believes that the younger management team also needs five to ten years of development and grooming.

In terms of approach, internal selection is his first choice. According to UOB’s corporate culture, this is considered the most prudent method. “Unless, of course, there is absolutely no one suitable internally. However, if that was the case, then it would be my failure as CEO,” he added.

Wee emphasised that his successor must not be egotistic or individualistic. Instead, “the person must use their influence to lead the team and take responsibility. If the team is willing to follow him, then that is his success.”

In terms of corporate culture, Wee values steady renewal on a stable foundation, as well as keeping intact UOB’s family-like atmosphere and the employees’ sense of belonging. He remarked, “Many large companies have longer histories than ours, but their values shift with the renewal of their people. Therefore, stability really matters.”

On the low turnover in UOB’s senior management, he described his management team as a “nice blend”. He elaborated, “Some have worked with us for 20 or 30 years; others joined five or ten years ago. This balance is our strength. We cannot rely solely on veterans, nor only on the young. Balance is essential.”

When asked whether stability could lead to groupthink, Wee quipped, “The most important thing is that this cat can catch mice. If it can’t catch mice, then talking about groupthink is meaningless.”

Wee acknowledged that companies must constantly renew themselves and let employees tackle new challenges. He said, “It is like bonsai, which must be uprooted every few years to trim its roots. It stops growing if the roots are overcrowded. Renewal works in the same way.”

As AI transforms industries, many companies have been uprooted, leaving employees uncertain about the future. Wee noted, “It is not possible to thump your chest and promise that AI will not cause layoffs. Life is not black and white, and the whole world is changing. However, we can first help our employees to prepare. That is our responsibility.”

Perhaps for Wee, who has witnessed Singapore’s banking sector evolve from the “Seven Warring States” (referring to the seven local banks in the 1980s to the early 2000s) to today’s “Big Three”, as well as weathered financial crises, interest rate cycles, pandemics, digitalisation and technological transformation, seeing UOB face yet another new challenge is in itself the best testament.

“This year marks UOB’s 90^th anniversary. To have weathered so many storms is something special. I feel very blessed,” he affirmed.

Wee is wistful when speaking about his late father Dr Wee Cho Yaw.

As UOB’s second-generation leader, Dr Wee helmed the bank for more than five decades before passing away peacefully in February 2024 at the age of 95. Wee Ee Cheong is the eldest son. He has an elder sister, Wee Wei Ling, two younger brothers, Wee Ee Chao and Wee Ee Lim, and a younger sister, Wee Wei Chi.

Speaking in Chinese throughout the interview, Wee reflects quietly on the gap left by his father’s passing. “We worked together for over 40 years. His office was just across from mine and only a few steps away,” he recalled. “For so many years, it was natural for me to consult him even when I was confident in my own decisions. Suddenly, he was no longer there, and I no longer have these opportunities.”

According to past reports, Dr Wee firmly believed that frequent family gatherings build close family ties. When he was alive, the family’s four generations would gather for weekly meals. To foster family members’ interactions, he even arranged for his children to live nearby. With their homes separated only by a fence, visits were effortless and frequent.

Wee shares that this long-standing family tradition remains till today. Since his father’s passing, he has often had his 96-year-old mother, Chuang Yong Eng, over to his home for meals. With age, she has become a little forgetful and still occasionally asks, “Where is your father?”

Wee said that the late Dr Wee was not particularly strict with him and that he was open-minded. As for his own temperament, Wee laughed, “You will know just by looking at me. I am not that kind of person.”

He described himself as someone who rarely loses his temper and who does not yell at or scold others. Occasionally, he gets impatient because he wants efficiency, but he quickly puts it behind him.

Few people know that Wee has family ties in Shanghai. His wife, Chang Kung Ling, is Shanghainese, and his mother-in-law is from Ningbo.

Chang was born in Singapore and educated in the US. They belong to the second or third generation of Singaporeans and still have relatives in Shanghai. When visiting Shanghai with his wife, Wee can even understand some of the local Shanghainese.

Wee travels to UOB China’s headquarters in Shanghai for business two to three times a year, and Chang joins him whenever her schedule allows.

On UOB’s China strategy, Wee said, “In China, we do not pursue scale and cannot compete with Chinese banks; the focus is on marketing and bringing Chinese clients into Southeast Asia.”

“We can support Southeast Asian clients looking to expand into China, as we are familiar with the markets there. Our strength in China lies in acting as a bridge,” he added.

Although he does not speak much about his family, Wee’s expression softens when the conversation turns to his grandchildren.

He was surprised one day when his grandson, who is still in primary school, asked to see UOB’s annual report and wanted to know “the bank’s net interest income”.

In June 2025, in celebration of its 90th anniversary and Singapore’s 60th year of independence, UOB transformed the 280-metre UOB Plaza 1 at Raffles Place into a dazzling canvas for a lightshow projection. I caught sight of Wee and his wife, watching the world’s tallest projection show together with their grandson.

However, Wee said that he does not need to cultivate his grandchildren; his role is to play with them.

He does not want to push his grandchildren to follow his path, believing that telling them, “Your grandfather did this, so you must do the same,” would backfire. “If they love to paint, it is next to impossible to force them to become musicians. There’s no need to interfere or push them too much,” he said.

Wee encourages his grandchildren to explore a variety of interests while they are young, rather than focusing too narrowly on one pursuit. After all, some people only discover what they truly enjoy later in life. He drew on his own experience as a former national tennis player: he spent years playing tennis in his youth, but it has since lost its appeal. “If you focus on just one thing from the start,” he said, “you may later realise you no longer want to do it and want to try something else. Of course, some may stick with it, but trying new things is only natural.”

Nowadays, Wee’s favourite physical activity is Pilates. “I’ve been practising it for 20 to 30 years,” he said. “At first, I found it boring, but now I see its value. It’s great for flexibility. As I reach a certain age, I find myself wanting to do things I didn’t care for in my youth.”

Career-wise, Wee has remained steadfast. Since joining UOB in 1979 and becoming CEO in 2007, leading the bank for 18 years, Wee has accompanied UOB through over half of its history since its founding.

When asked how he has managed it, Wee attributed it to a sense of responsibility. He explained, “The key is steady progress. Our three generations have weathered many storms, and if young people can inherit this steadiness, it’s enough — just like taking care of a bonsai.” He added, “There is always more to learn, and I have also learned a great deal from my colleagues.”

Beyond banking, Wee has a deep appreciation for the arts. He said that he has “relatively good taste” in aesthetics, which includes his hobbies such as rearing fish, savouring tea and collecting antiques and watches.

Coincidentally, UOB also has strong ties with the arts. UOB Plaza at Raffles Place features bonsai, paintings, sculptures and other works of art at every corner.

Started in 1982, the annual UOB Painting of the Year (POY) is Singapore’s longest-running art competition. It has expanded regionally to Indonesia, Malaysia, Thailand and Vietnam, uncovering more than 1,000 artists across the region, including nine recipients of the Singapore Cultural Medallion.

Wee said that although he did not start the competition, it has been sustained for more than 40 years and has indirectly influenced him as well. He believes that the value of art should not be measured solely in monetary terms, and that sometimes the innocence in a child’s painting is what truly moves.

He said, “Being an artist is a very lonely profession. Regardless of the artwork’s excellence, it is meaningless if no one appreciates it. When we display artists’ works in the bank’s lobby, it gives them a sense of achievement.”

Today, UOB owns more than 2,800 works of art, many acquired through the POY competition. The bank also hires specialists to maintain and curate this extensive collection, with about 70% of it displayed and stored in Singapore. 

Exhibiting the works also carries another meaning. Wee believes that nourishing the soul through art is important, as such an environment allows employees to calm their minds and focus on their work.

When asked whether he would one day open his own art museum, he answered simply, “No, and there’s no need to. Some things don’t have to be owned.”

This article was first published in Lianhe Zaobao as “大华银行掌舵人黄一宗：10年后大华市值900亿？AI预判太保守了”.

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