SINGAPORE - Wee Cho Yaw will step down as chairman
of Singapore's United Overseas Bank in April
2013.
UOB chief executive officer Wee Ee Cheong said this
on Tuesday.
Hsieh Fu Hua, a former CEO of Singapore Exchange,
will become the non-executive chairman of UOB, said Wee Ee Cheong
at an earnings briefing.
Wee Cho Yaw will remain as the bank's Director and Chairman
Emeritus.
Wee Cho Yaw, who is 83, 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
CEO Wee.
Wee's family controls UOB, Singapore's third-biggest lender by
assets after DBS Group and Oversea-Chinese Banking Corp
(OCBC).
UOB posted a 3.6 percent rise in second quarter net profit to S$713
million on the back of higher fee and commission income.
Net interest income for the quarter ended June 30 fell 1.7 percent
to S$981 million.
However, the bank's fee and commission income rose 6.7 percent to a
quarterly high of S$386 million in the second quarter.
This higher performance in the second quarter helped lift UOB's
first half net profit by 12.3 percent to S$1.4 billion.
Net interest income in the first six months this year also rose
10.9 percent to S$2.0 billion from higher loans volume.
Fee and commission income grew 12.0 percent to S$748 million in the
first half of 2012.
UOB said its first half was underpinned by strong growth across all
business units as the group continued to benefit from the
strengthening of its regional franchise.
The board has also declared an interim cash dividend of 20 cents
per ordinary share.
- CNA/ir