Singapore’s UOB family undergoes historic wealth transfer

Singapore’s UOB family has completed a historic wealth transfer following the passing of patriarch Wee Cho Yaw, with heirs gaining control of a multi-billion dollar estate. Filings show that family holding firms, including CY Wee & Co, have transferred ownership of USD9bn in UOB shares and USD1.4bn in UOL, Singapore’s largest developer, to Wee’s wife, three sons, and two daughters. Wee, who died on February 3, 2024, at 95, was the son of UOB founder Wee Kheng Chiang. His eldest son, Wee Ee Cheong, continues to lead the bank as CEO. Forbes estimates his net worth at USD2.3bn. The transfer solidifies the family’s control over one of Singapore’s most influential banking and real estate dynasties.