SINGAPORE: United Overseas Bank (UOB) announced on Thursday (Nov 2) that former deputy prime minister Wong Kan Seng has been nominated to succeed incumbent independent non-executive chairman Mr Hsieh Fu Hua, 67, who will be retiring next year.
Mr Wong, who is 71, joined UOB’s board on July 27.
UOB also said that chairman emeritus Dr Wee Cho Yaw will retire from the board after six decades of service, the bank said in a press release.
The board changes are part of the bank’s ongoing renewal and succession plan, UOB said.
Dr Wee, who turns 89 next January, will relinquish all his board responsibilities at the bank’s annual general meeting in April next year.
He will retain his chairman emeritus title and will also be appointed honorary adviser to the board in recognition of his many years of leadership and contribution to the group.
Dr Wee is “one of Singapore’s legendary entrepreneurs who has made immense contributions to the development of the banking industry,” UOB said.
“Under his leadership, UOB expanded greatly, both in scale and scope. It grew from a single branch local bank to a major regional player with more than 500 offices in 19 countries and territories ... Dr Wee also guided the bank through several international and regional financial and economic crises, all the while entrenching a culture based on values of thrift, prudence and vigilance.”
Mr Hsieh is the first chairman of the bank from outside the Wee family and would have served six years on the board when he steps down on 14 February 2018. Until then, Mr Hsieh will continue to chair the board to oversee matters pertaining to the group’s current financial year, UOB said.
Mr Wong’s appointment is subject to regulatory approval.