SINGAPORE - Wee Cho Yaw will step down as chairman of Singapore's United Overseas Bank in April 2013.
UOB chief executive officer Wee Ee Cheong said this on Tuesday.
Hsieh Fu Hua, a
former CEO of Singapore Exchange, will become the non-executive chairman
of UOB, said Wee Ee Cheong at an earnings briefing.
Wee Cho Yaw will remain as the bank's Director and Chairman Emeritus.
Wee
Cho Yaw, who is 83, became chairman and chief executive of UOB in 1974
but relinquished his CEO position to his son in April 2007, according to
the bank's website.
"He is perfectly healthy. This is part of succession planning" said CEO Wee.
Wee's family controls UOB, Singapore's third-biggest lender by assets after DBS Group and Oversea-Chinese Banking Corp (OCBC).
UOB posted a 3.6 percent rise in second quarter net profit to S$713 million on the back of higher fee and commission income.
Net interest income for the quarter ended June 30 fell 1.7 percent to S$981 million.
However, the bank's fee and commission income rose 6.7 percent to a quarterly high of S$386 million in the second quarter.
This higher performance in the second quarter helped lift UOB's first half net profit by 12.3 percent to S$1.4 billion.
Net interest income in the first six months this year also rose 10.9 percent to S$2.0 billion from higher loans volume.
Fee and commission income grew 12.0 percent to S$748 million in the first half of 2012.
UOB
said its first half was underpinned by strong growth across all
business units as the group continued to benefit from the strengthening
of its regional franchise.
The board has also declared an interim cash dividend of 20 cents per ordinary share.
- CNA/ir
Take kindly the counsel of the years
Gracefully surrendering the things of youth