S1E21: Wee Cho Yaw's impact on Singapore's banking industry

  • 19 Feb 2024

Do local banks really have succession issues?

Synopsis: Every third Monday of the month, hosts Lee Su Shyan and Ven Sreenivasan - both associate editors and senior columnists at The Straits Times - offer you an extra edge in managing your hard-earned money.

In February 2024, banker Wee Cho Yaw passed away at the age of 95. His father founded the predecessor of UOB but it was Mr Wee that grew the bank, and made UOB what it is today. Together with DBS and OCBC, UOB is now among the top three local banks in Singapore.

In this episode, we delve more into the impact Mr Wee had on the banking industry. Over at DBS, there has always been talk about who will take over from CEO Piyush Gupta.

Su Shyan and Ven discuss these succession plans and the outlook for the banking sector. Also, as interest rates may be cut in 2024, according to the US Federal Reserve, how will Singapore local banks be affected? 

Highlights (click/tap above):

2:00 Wee Cho Yaw's impact on the local banking industry; will his passing affect ops and strategy?

7:20 Are there succession issues within top three local banks?

9:50 Today, there are more than enough Singaporeans with global exposure and capability to step up in these local banks

11:50 Challenges ahead: S&P Global Ratings recently said Singapore’s net interest margins (NIM) will peak this year at 2% to 2.2%

Produced by: Lee Su Shyan (sushyan@sph.com.sg), Ven Sreenivasan (ven@sph.com.sg), Ernest Luis and Teo Tong Kai

Edited by: Teo Tong Kai

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