The transfers at UOB for all the shares that used to be reported under his name — worth about US$9 billion — happened over several months, according to filings. At UOL, his estate’s direct and indirect control over 38% of the company, worth about US$1.4 billion, has also ended.
The estate of Wee Cho Yaw, the late patriarch of United Overseas Bank (SGX:U11
) (UOB) transferred control of the remaining shares that it held to his heirs, concluding one of Singapore’s biggest wealth transfers in decades.
The estate has relinquished control over the lender and the family’s real estate arm UOL Group, Singapore’s largest listed developer, according to filings on Wednesday.
