UOB (United Overseas Bank)

[pianist]

Wow, I can't believe Hsieh Fu Hua will become the chairman of UOB. I tot he the guy who pulled in the s-chips to boost sgx's revenue?

UOB's chairman Wee Cho Yaw to step down next year

SINGAPORE - Wee Cho Yaw will step down as chairman of Singapore's United Overseas Bank in April 2013 after nearly four decades at the helm, the bank's chief executive officer Wee Ee Cheong said on Tuesday.

Hsieh Fu Hua, a former CEO of Singapore Exchange, will become the non-executive chairman of Singapore's third-biggest bank, he told an earnings briefing.

Wee, who is 82, became chairman and chief executive of UOB in 1974 but relinquished his CEO position to his son in April 2007, according to the bank's website.


"He is perfectly healthy. This is part of succession planning" said Wee the CEO.

Wee's family controls UOB, Singapore's third-biggest lender by assets after DBS Group and Oversea-Chinese Banking Corp.

[kayhian]

UOB Group's full year net profit rose 21 per cent to a record high of $2.8 billion partly due to higher fee and commission income.

Total income for the year ended Dec 31 rose 14 per cent to $6.5 billion.

Profits from key regional markets surpassed $1 billion for the first time, UOB noted in a statement this evening.

[Musicwhiz]

The Straits Times
www.straitstimes.com
Published on Apr 26, 2013
Wee chairs UOB AGM for last time
He will stay on at bank as chairman emeritus and board adviser

By Chia Yan Min

A TOUCH of nostalgia was in the air at United Overseas Bank's (UOB) 71st annual general meeting (AGM) yesterday.

It was veteran banker Wee Cho Yaw's last AGM as chairman.

Mr Wee, 84, who led the bank for 38 years as chairman and chief executive, will remain on the board as a non-executive director, holding the title of chairman emeritus and adviser to the board.

In comments to journalists after the AGM, Mr Wee suggested that acquisition opportunities in South-east Asia were limited and UOB might need to look further afield for expansion.

"In my view, we might have to look towards Australia or Hong Kong," he said.

At the AGM, Mr Wee thanked shareholders for their support, and said (the late former deputy prime minister) Dr Goh Keng Swee once told him it is better to "be born lucky than smart".

"I'm born lucky," he said, to laughter from the audience of about 400 shareholders at the Pan Pacific Hotel.

About 76.2 per cent of those at the AGM voted in support of his re-appointment as a director.

Of the 15 resolutions put up, the chairman's fee of some $2 million for Mr Wee saw the lowest percentage of "for" votes, at 64.12 per cent.

Mr Wee's successor, former Singapore Exchange boss Hsieh Fu Hua, thanked Mr Wee for his contributions to the bank.

Under Mr Wee's tenure, UOB has "grown about a hundred-fold from $2.8 billion in total assets to more than $253 billion, and in market value from $320 million to $32 billion".

"Under you, we have grown from a small bank by the Singapore River to become a leading regional bank... The result of your life's passion is evident to all," said Mr Hsieh, to applause.

UOB, the smallest of the three local lenders, was founded by Mr Wee Cho Yaw's father.

Regarded as one of Singapore's shrewdest bankers, Mr Wee Cho Yaw joined the UOB board in 1958, and became chairman and CEO in 1974. He gave up his chief executive role in 2007, in favour of his son, Mr Wee Ee Cheong, who still holds the top position.

The senior Mr Wee's most dramatic move came in besting DBS Group in a $10 billion takeover battle for Overseas Union Bank in 2001.

Mr Hsieh said the success of the bank has "proven the sustainability of an owner-led business and banking model".

He added: "The most successful companies are those where the long-term interests of shareholders and the objectives of management are aligned.

"This ownership mindset is fundamental and reinforced by the engagement and representation of a significant shareholder. This approach will continue to serve UOB well."

chiaym@sph.com.sg

[greengiraffe]

Salute...

The Straits Times
www.straitstimes.com
Published on Apr 26, 2013
Wee chairs UOB AGM for last time
He will stay on at bank as chairman emeritus and board adviser

By Chia Yan Min

A TOUCH of nostalgia was in the air at United Overseas Bank's (UOB) 71st annual general meeting (AGM) yesterday.

It was veteran banker Wee Cho Yaw's last AGM as chairman.

Mr Wee, 84, who led the bank for 38 years as chairman and chief executive, will remain on the board as a non-executive director, holding the title of chairman emeritus and adviser to the board.

In comments to journalists after the AGM, Mr Wee suggested that acquisition opportunities in South-east Asia were limited and UOB might need to look further afield for expansion.

"In my view, we might have to look towards Australia or Hong Kong," he said.

At the AGM, Mr Wee thanked shareholders for their support, and said (the late former deputy prime minister) Dr Goh Keng Swee once told him it is better to "be born lucky than smart".

"I'm born lucky," he said, to laughter from the audience of about 400 shareholders at the Pan Pacific Hotel.

About 76.2 per cent of those at the AGM voted in support of his re-appointment as a director.

Of the 15 resolutions put up, the chairman's fee of some $2 million for Mr Wee saw the lowest percentage of "for" votes, at 64.12 per cent.

Mr Wee's successor, former Singapore Exchange boss Hsieh Fu Hua, thanked Mr Wee for his contributions to the bank.

Under Mr Wee's tenure, UOB has "grown about a hundred-fold from $2.8 billion in total assets to more than $253 billion, and in market value from $320 million to $32 billion".

"Under you, we have grown from a small bank by the Singapore River to become a leading regional bank... The result of your life's passion is evident to all," said Mr Hsieh, to applause.

UOB, the smallest of the three local lenders, was founded by Mr Wee Cho Yaw's father.

Regarded as one of Singapore's shrewdest bankers, Mr Wee Cho Yaw joined the UOB board in 1958, and became chairman and CEO in 1974. He gave up his chief executive role in 2007, in favour of his son, Mr Wee Ee Cheong, who still holds the top position.

The senior Mr Wee's most dramatic move came in besting DBS Group in a $10 billion takeover battle for Overseas Union Bank in 2001.

Mr Hsieh said the success of the bank has "proven the sustainability of an owner-led business and banking model".

He added: "The most successful companies are those where the long-term interests of shareholders and the objectives of management are aligned.

"This ownership mindset is fundamental and reinforced by the engagement and representation of a significant shareholder. This approach will continue to serve UOB well."

chiaym@sph.com.sg

[Ben]

About 76.2 per cent of those at the AGM voted in support of his re-appointment as a director.

Of the 15 resolutions put up, the chairman's fee of some $2 million for Mr Wee saw the lowest percentage of "for" votes, at 64.12 per cent.

Seriously, what is SH thinking? This is the man credited for building UOB to where it is today, shouldn't we show some gratitude?

[safetyfirst]

About 76.2 per cent of those at the AGM voted in support of his re-appointment as a director.

Of the 15 resolutions put up, the chairman's fee of some $2 million for Mr Wee saw the lowest percentage of "for" votes, at 64.12 per cent.

Seriously, what is SH thinking? This is the man credited for building UOB to where it is today, shouldn't we show some gratitude?

100% agree with you. Profits for 2012 came in at 2.8 billion, the chairman's fee is less than 0.1% of the profits. I would say he is easily one of the lowest paid chairman out of many listed companies. Sometimes SH really dont know how to think

[Musicwhiz]

100% agree with you. Profits for 2012 came in at 2.8 billion, the chairman's fee is less than 0.1% of the profits. I would say he is easily one of the lowest paid chairman out of many listed companies. Sometimes SH really dont know how to think

Well, I like this quote:-

"Thinking is the hardest work there is, which is probably the reason why so few engage in it."

Henry Ford

[kayhian]

well ..... it is better to "be born lucky than smart".

[LionFlyer]

About 76.2 per cent of those at the AGM voted in support of his re-appointment as a director.

Of the 15 resolutions put up, the chairman's fee of some $2 million for Mr Wee saw the lowest percentage of "for" votes, at 64.12 per cent.

Seriously, what is SH thinking? This is the man credited for building UOB to where it is today, shouldn't we show some gratitude?

Different way of thinking. Just to share, in consulting, there are two major ways to charge for services. The traditional ways is cost plus margin which is like any traditional business. The other way is value based pricing, which is a % of the value that would be generated as part of the services.

The latter approach would only work for sophisticated clients who know what they are getting.

Going back to Mr Wee, his remuneration sounds perfectably reasonable. But we also have to understand in the post GFC world, this was one of the issues raised regarding the excesses of bankers, where 'value' can be artificially or even criminally inflated to justify the large bonuses.

[kayhian]

SINGAPORE, May 2 (Reuters) - United Overseas Bank Ltd , the smallest of Singapore's three banks, posted a better-than-expected 4.9 percent rise in first quarter net profit on Thursday, helped by a jump in fees and commissions that offset a drop in loan margins.

UOB earned S$722 million ($585.44 million) in the three months ended March, up from S$688 million a year earlier. The results beat the S$666 million average estimate of six analysts polled by Reuters.

Although UOB's gross customer loans rose 13 percent from a year earlier to S$167 billion, its net interest income fell 3.5 percent to S$964 million.

"Continued efforts to boost fee income to mitigate effects of margin pressure paid off, with fees registering a robust 25.2 percent growth year-on-year," the bank said in a statement.

UOB's net interest margin - the difference between its borrowing and lending costs - fell to 1.70 percentage points during the quarter, down from 1.76 in the fourth quarter and 1.98 in the first three months of 2012.