Wee Cho Yaw, the 83-year-old billionaire who turned a local Singapore bank into Southeast Asia’s third-biggest lender, plans to step down as chairman of the family-controlled United Overseas Bank Ltd. (UOB)
Wee, whose son Wee Ee Cheong took over as chief executive officer in 2007, will give up his role to Hsieh Fu Hua, a former CEO of Singapore Exchange Ltd. (SGX) in April, according to an exchange filing yesterday. The lender also reported a 12 percent increase in second-quarter profit, surpassing analysts’ estimates, following gains on investments. Full story
