UOB aims to further grow and serve in Singapore and Asean

CEO Wee Ee Cheong advocates perseverance and humility as the bank looks beyond its 90th anniversary

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Even as Singapore is celebrating its 60th year of independence, UOB is marking an equally significant milestone with the 90th anniversary of its founding in 1935.

Back then, amidst the uncertainties of the Great Depression, a group of seven businessmen led by Datuk Wee Kheng Chiang founded a bank to serve the merchant community in Singapore.

Then, it was called the United Chinese Bank. It started operations in Raffles Place, the centre of all Singapore's commercial activities. Soon after, it followed that up with a branch in Beach Road.

Growing outside SingaporeIn 1965, the year of Singapore's independence, the bank took on its present name, that of United Overseas Bank and as the young country grew apace, UOB flourished in tandem.

The bank's iconic red five-bar logo was launched. UOB opened its first overseas branch in Hong Kong and then Tokyo.

The 1970s and 1980s marked a period of rapid growth which saw the bank making a slew of acquisitions.

Datuk Wee's son Dr Wee Cho Yaw led the bank in this phase during this period, establishing and consolidating the bank's market position in Singapore and Southeast Asia.

First up was Chung Khiaw Bank in 1971, which deepened UOB's presence in Malaysia. Next was Lee Wah Bank in 1972, boosting UOB's presence across Singapore and Malaysia.

The next decade saw the acquisition of Far Eastern Bank in 1984, swiftly followed by Industrial and Commercial Bank in 1987.

By the end of the 1980s, UOB had the distinction of being one of the four largest banks in Singapore with an extensive presence across Singapore and Malaysia.

2000s and Singapore's largest bank takeoverA second major wave of growth took place in the early 2000s, when Singapore's local banks were urged to merge to achieve economies of scale and increase their competitive strength.