The financial circle suddenly died! 50 billion financial tycoons died

Suddenly, a generation of "financial giants" fell.

Deeply mourned, Singapore's banking tycoon, well-known Chinese entrepreneur Huang Zuyao passed away!

In Singapore, Wong Cho Yew is arguably a household name:

Middle-aged or above, there is no one who doesn't know Huang Zuyao.

Under middle age, even if you don't know Wong Cho Yiu, there is no one who doesn't know UOB!

Yes, Ng Cho Yew is the second generation at the helm of UOB, a legend in Singapore's financial industry, known as Singapore's most senior and accomplished banker.

Singapore's banking industry has evolved from the original "Seven Heroes of the Warring States" to the "Three Kingdoms", during which there have been ups and downs in the past two or three decades, and Huang Zuyao has always been a powerful figure.

Under the leadership of Wee Cho Yew, UOB has grown from a small bank to a large multinational conglomerate.

In addition to the banking industry, Huang Zuyao controls a business empire that includes real estate, including UOL, United Industries (UIC), Pan Pacific Hotels Group and Haw Par Corporation, and Huang Zuyao was worth 50 billion yuan during his lifetime!

So what kind of legendary life does this financial tycoon, whose ancestral home is from Fujian, have?

01

This is an era of constant farewells.

Another century old man is gone!

According to foreign media reports, Mr. Ng Cho Yew, a famous entrepreneur in Singapore, the second-generation helmsman of UOB, and former chairman of the Council of Nanyang University, passed away on February 3, 2024 at the age of 95.

Huang Zuyao is a household name in Singapore, known as Singapore's "financial giant", once won the title of "Singapore's outstanding businessman", and his wealth reached 50 billion during his lifetime.

The United Overseas Bank Group (UOB) announced that Ng Cho Yew is an accomplished banker, entrepreneur and community leader who has played a key role in UOB's development into a leading bank in Asia.

According to Singapore's Lianhe Zaobao, Wong's father, Wong Keng Cheong, founded UOB in 1935. Mr Wong became a Director of UOB in 1958. In 1974, Huang Qingchang retired, and the 45-year-old Huang Zuyao was promoted to chairman. In 2007, Mr Ng stepped down as Chief Executive of UOB and continued to serve as Chairman, retiring from the Board in 2013 as Honorary Chairman and Advisor before retiring from the Board in 2018.

According to the China Securities Journal, the Wong Cho Yew family has a pivotal position in Singapore's financial sector, and has been involved in the financial industry for nearly 100 years since Wong's father, Wong Keng Cheong, founded UOB.

Since its inception in 1935, UOB has continued to expand its footprint through its own development and a series of strategic acquisitions. Under the leadership of Mr Wong, UOB has become one of the largest banks in Asia, with around 500 branches and offices in 19 countries and territories across Asia Pacific, Europe and North America.

As of the latest close, UOB's total market capitalisation reached more than S$47 billion (about 260 billion yuan). According to the financial report, as of September 2023, UOB's total assets reached S$516 billion (about S$2,760 billion).

Huang Zuyao ranked on the "2023 Hurun Global Rich List" with a wealth of 51 billion yuan, and ranked eighth in Singapore last year;

According to the latest data released by Forbes, as of Friday (February 2), Huang Zuyao's net worth was as high as 7.2 billion US dollars (about 51.8 billion yuan).

02

As you can see from UOB's name, it has Chinese blood in its DNA!

Huang Zuyao was born in Kinmen, Fujian Province in 1929, and followed his mother to Nanyang to join his father when he was young, and bid farewell to his hometown.

When Huang Zuyao was young, he was engaged in the local products trade, and he did it very happily. Had he not promised his father to help with the bank, he might have established another kingdom in the local trade.

According to public reports, in 1958, at the age of 29, Wong Cho Yew was transferred to UOB by his father, Wong Hing Cheong, as a director.

In 1960, Wong Keng Cheong resigned as General Manager of UOB and was unanimously recommended by the Board of Directors as his successor and began to gradually take over the bank's operations.

At just 31 years old, he ushered in a new era for UOB.

At that time, Singapore's banks were basically providing credit facilities to local businesses and businesses, and had no plans to expand overseas. At the beginning of his tenure, Mr Wong decided to expand his overseas business and set up a foreign exchange department at UOB to provide foreign exchange trading services.

The first overseas branch was located in Hong Kong, China.

In 1970, UOB was officially listed, becoming the first publicly listed bank in Singapore.

In 1974, at the age of 45, Mr Wong was promoted to Chairman of the Board of Directors of UOB.

A master of mergers and acquisitions in Singapore's banking industry, Wong Cho Yew is known for his savvy dealings in the banking sector, leading a number of UOB acquisitions: Lever Bank in 1972, Far Eastern Bank in 1984, Industrial and Commercial Bank of Singapore in 1987 and OUE Bank in 2001;

The biggest of these was in 2001, beating out bigger rival DBS Group to buy Singapore's OUB for S$10 billion.

With the acquisition of four banks, UOB not only complemented its multinational footprint, but also became the largest domestic bank in Singapore for a time.

03

三年后，大华银行又收购泰国亚洲银行（Bank of Asia Public Company）96.1% 股权，2005年，将印尼宇宙银行（PT Bank Buana）的控股权增至61.1%。

In addition to the banking industry, Huang Zuyao has also entered the financial fields such as insurance, securities, asset management, and venture capital.

In 2007, Ng Cho Yew handed over UOB's seal to his eldest son, Wong Yat Chung, who is now the bank's vice chairman and chief executive officer.

By the time Mr Wong stepped down as chairman in 2013, UOB's assets had grown from US$2.8 billion to more than US$253 billion.

During the time of Ng Cho Yew, UOB was also brought to his hometown – China!

In 1984, UOB established its Beijing office. Ten years later, the Chengdu Representative Office was established, becoming the first UOB branch in Western China.

UOB China was incorporated on 18 December 2007 with its headquarters in Shanghai. UOB China currently has more than 10 branches in major cities in China.

UOB has also contributed significantly to the country's economic development:

After the 2008 financial crisis, some foreign banks and foreign investors began to gradually reduce their shareholdings in Chinese banks due to the macro environment and strategic adjustments. UOB, on the other hand, became a "contrarian" and became the second largest shareholder of Hengfeng Bank in June 2008 with a stake of 15.38%. In 2019, he participated in the bank's capital increase.

On 18 April 2016, UOB Investment Management (Shanghai) Company, a subsidiary of UOB, joined hands with Ping An Group of China, Chongqing Yufu Asset Management Group Co., Ltd. and Tus-Xincheng (Shenzhen) Investment Management Co., Ltd. to jointly establish the China-Singapore (Chongqing) Connect Equity Investment Fund, with a target size of RMB100 billion, and set up four special funds in financial services, air tourism, transportation and logistics, and information and communication, mainly investing in Chongqing enterprises.

In December 2018, UOB participated in the Series C financing of Lufax, a subsidiary of Ping An of China.

Since UOB China's inception, its revenue has grown at a compound annual growth rate of 13%, and its net profit before tax in 2021 reached a record high.

In 2015, UOB Group increased its capital to UOB China by RMB2.5 billion, and in 2021 it increased its capital by RMB2 billion.

At present, UOB China has a total registered capital of RMB7.5 billion, and its overall financial strength is rated A+ by Fitch and AAA by China Chengxin, with a stable outlook.

According to UOB's announcement, the bank achieved a core net profit of S$3.1 billion (about 16.6 billion yuan) in the first half of 2023, a year-on-year increase of 53%.

04

Huang Zuyao is the richest Singaporean Chinese financial person after Kwok Fangfeng and Lee Chengwei, and has been on the Forbes billionaire list since 2000.

In addition to UOB's expansion, Ng has also ventured into the financial sector of insurance, securities, asset management, and venture capital.

So far, the Huang Zuyao family's industry has covered finance, real estate, medicine and other fields.

As one of Singapore's most well-known bankers, Mr Wong has been committed to promoting financial connections and nurturing talent between Singapore and China.

In 2015, UOB launched the $50 million Wee Cho Yaw Future Leaders Award to provide financial assistance to students from underprivileged families to access quality higher education.

Mr Wong donated $3 million to Nanyang Technological University (NTU) to set up a scholarship to reward Chinese students pursuing a master's degree in finance.

Wong Cho Yiu led his family to donate $30 million to set up the "Wong Foundation" to help the disadvantaged, help the weak and the poor, promote the development of Chinese language and culture, and strengthen community cohesion.

Huang Zuyao's brilliant life of nearly 100 years, as well as the business heritage of the Huang family, deserve to be remembered by the world!

We deeply mourn the passing of Mr Wong Cho Yiu and remember his generosity and wisdom, as well as his continued care and support for the younger generation.

Mr. Huang Zuyao, go all the way!

Resources:

"Suddenly!50 billion financial tycoon, passed away!", Brokerage China

"Financial Circle Suddenly: The Banking Tycoon Passed Away", China Securities Journal

"Singapore billionaire and banking giant Ng Cho Yew dies at 95," Forbes

"Huang Zuyao is deeply respected by the Singapore Chinese community, running schools, alleviating poverty, and promoting Chinese culture, and he will not be left behind", Lianhe Zaobao