Overview

Wee Ee Cheong is the 72-year-old CEO of United Overseas Bank (UOB), Singapore’s third-largest bank. As the third-generation leader of the family bank, he has guided UOB through 18 years at the helm, joining the bank in 1979. This interview with Lianhe Zaobao explores his leadership philosophy, strategic vision, and personal reflections as UOB celebrates its 90th anniversary in 2025.

Strategic vision: Southeast Asia expansion plans, growth targets, and China strategy

Recent challenges: Q3 2025 financial performance and his measured response

Leadership philosophy: The bonsai analogy, succession planning, and management approach

Personal background: Family legacy, traditions, and interests

Key insights: His philosophical outlook on business, culture, and long-term thinking

The document captures Wee’s distinctive leadership style—patient, culturally rooted, and focused on steady progress over dramatic transformation. His use of the bonsai metaphor effectively illustrates his approach to both banking and life: careful cultivation, periodic renewal, and respect for established roots while allowing for growth

Key Strategic Priorities

Market Position and Growth Targets

• UOB’s current market capitalization: $57.5 billion
• AI projection for 2035: $90-100 billion (Wee considers this “too conservative”)
• Current Singapore market share: 21% of deposits, 25% of loans
• Target revenue mix: 30% from Southeast Asia by next year, maintaining 50% from Singapore

Southeast Asia Expansion

Wee identifies Southeast Asia as an “economic sweet spot” amid global restructuring and trade barriers. Key focus areas include:

• Malaysia: UOB is already the largest foreign bank with significant growth potential
• Johor-Singapore Special Economic Zone (JS-SEZ): Seven UOB branches positioned to help Singapore companies expand across the causeway
• Regional acquisitions: 2022 acquisition of Citigroup’s consumer banking in Indonesia, Malaysia, Thailand, and Vietnam for $4.9 billion

China Strategy

UOB takes a distinctive approach in China, focusing on being a “bridge” rather than competing on scale with Chinese banks. The strategy centers on bringing Chinese clients into Southeast Asia and supporting Southeast Asian clients expanding into China.

Recent Challenges

Q3 2025 Financial Performance

• 72% year-on-year drop in third-quarter earnings to around S$400 million
• Additional general provisions of $600 million set aside for commercial real estate issues in Greater China and the US
• 13% quarter-on-quarter increase in non-performing loans in Greater China
• Share price down more than 5% in 2025

Wee’s response reflects his long-term philosophy: “The storm will pass. We must learn when to hold on and when to let go. There is no need to worry too much.”

Leadership Philosophy

The Bonsai Analogy

Wee frequently uses bonsai cultivation as a metaphor for leadership and organizational renewal. Like bonsai that must be uprooted every few years to trim overcrowded roots, companies need periodic renewal to keep growing. This philosophy emphasizes:

• Steady progress on a stable foundation
• Regular renewal without losing core values
• Balance between veterans and new talent in management

Succession Planning

On the topic of succession, Wee is characteristically patient and methodical:

• Prefers internal selection as most prudent approach
• Believes younger management needs 5-10 years of development
• Key qualities sought: non-egotistic, team-oriented, influential leadership, willingness to take responsibility

Management Style

• Low turnover in senior management creates a “nice blend” of experience
• Values employees who have worked together for 20-30 years alongside those who joined 5-10 years ago
• Rarely loses temper, doesn’t yell or scold
• Believes in helping employees prepare for changes rather than making promises about job security

Cultural Values

Family-Like Atmosphere

Wee prioritizes maintaining UOB’s family atmosphere and employees’ sense of belonging. He notes that many large companies lose their values as people change, making stability crucial.

Art and Soul

UOB’s commitment to arts reflects Wee’s belief in nourishing the soul:

• UOB Painting of the Year competition running since 1982
• Over 2,800 artworks in collection, 70% displayed in Singapore
• Art displayed throughout UOB Plaza to help employees calm their minds
• Values artists’ recognition over monetary worth

Personal Background

Family Legacy

• Father: Late Dr. Wee Cho Yaw, second-generation leader who helmed UOB for over 50 years, passing in February 2024 at age 95
• Worked alongside father for over 40 years, offices just steps apart
• Mother: Chuang Yong Eng, 96 years old
• Siblings: Elder sister Wee Wei Ling, younger brothers Wee Ee Chao and Wee Ee Lim, younger sister Wee Wei Chi
• Wife: Chang Kung Ling (Shanghainese, born in Singapore, US-educated)

Family Traditions

Dr. Wee’s belief in frequent family gatherings continues today:

• Four generations gather for weekly meals
• Children’s homes separated only by fences for easy visits
• Wee regularly hosts his mother for meals

Personal Interests

• Former national tennis player (though it has lost its appeal)
• Practices Pilates for 20-30 years
• Hobbies include rearing fish, savoring tea, collecting antiques and watches
• Self-describes as having “relatively good taste” in aesthetics

Grandchildren

Takes a hands-off approach to his grandchildren’s future:

• Believes his role is to play with them, not cultivate them
• Encourages exploration of varied interests while young
• Opposes forcing them to follow his path
• Surprised when grandson asked to see annual report and understand net interest income

Philosophical Outlook

On Business Cycles

“There is no cause for alarm even with some bad debts, as UOB has strong profitability and sufficient reserves… Even if earnings decrease from $100 to $80, that is fine. We keep moving forward.”

On Singapore’s Economy

Believes breakthroughs are needed and warns against complacency: “We must capitalise on our advantages, stay flexible and never become complacent… we need a sense of crisis; otherwise, many things will end up costing us more than they cost others.”

On Cultural Advantage

Regarding UOB’s appeal to Asian family offices: “You know, we use chopsticks for our meals. Beyond banking infrastructure and systems, this sense of cultural familiarity is very important too.”

On Leadership Success

“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.”

On Ownership

When asked about opening his own art museum: “No, and there’s no need to. Some things don’t have to be owned.”

Looking Forward

As UOB approaches its centenary in 2035, Wee remains focused on:

• Increasing non-interest income to 37% of total revenue by 2026
• Developing wealth management and private banking
• Attracting family offices from mainland China, Taiwan, Hong Kong, and Southeast Asia
• Maintaining balance between growth and stability
• Preparing the organization for AI-driven transformation

His reflection on UOB’s 90th anniversary captures his perspective: “To have weathered so many storms is something special. I feel very blessed.”