Wee Ee Cheong told a briefing for the firm’s earnings on Thursday that he hopes his father’s personal stake will be distributed to the children and grandchildren.
The significant stake in United Overseas Bank (SGX:U11
) Ltd. held by the late patriarch Wee Cho Yaw is something that his eldest son, who is also the lender’s Chief Executive Officer, hopes may eventually be distributed among his descendants.
Wee Cho Yaw held about 18.5% through both direct holding and other investment vehicles, according to Bloomberg’s analysis of company filings. The Singapore-based bank has a market capitalization of more than US$35 billion ($47.01 billion).
