Wee Ee Cheong, the deputy chairman and chief executive officer (CEO) of United Overseas Bank (UOB), received S$15.92 million in remuneration in 2023.

According to the bank's annual report released on Mar. 20, 2024, Wee's remuneration comprises his salary, bonus, and benefits-in-kind.

Wee's pay this year was the highest since the Covid-19 pandemic, during which his remuneration fell to S$9.8 million in 2020 before bouncing back to S$10.93 million in 2021 and S$14.23 million in 2022.

It marks the third year in a row that his remuneration saw a rise.

With DBS's Piyush Gupta's remuneration cut to S$11.2 million following disruptions to the bank's digital services in 2023, Wee is set to be the highest-paid CEO of a Singapore-listed company in 2023, reported Lianhe Zaobao.

Record performance in FY2023

His pay rise came on the back of record profits and a "resilient" financial performance in the 2023 financial year, which ended on Dec. 31, 2023.

According to the annual report, the group posted a total income of S$13.9 billion and a record net profit of S$5.7 billion for FY2023.

Concurrently, UOB's core net profit increased by 26 per cent from FY2022 to a record S$6.1 billion.

The acquisition involving Citigroup also expanded UOB's retail customer base to more than eight million across the region.

Wee acknowledged how, in 2023, the bank was the presenting sponsor for Taylor Swift's The Eras Tour and Ed Sheeran's +–=÷x Tour in four key markets.

"We will do more to extend lifestyle offerings that meet the needs and aspirations of our customers," he added.

Acknowledged employees' contribution

In the report, Wee paid tribute to his late father and UOB's Chairman Emeritus, Wee Cho Yaw, who passed away in February 2024.

"He had been instrumental in building UOB into a leading regional bank today. His legacy will live on in the businesses he had built, the values he had instilled in us, and the many lives that he had touched."

He also expressed his appreciation for his colleagues at UOB for their "commitment and hard work in the past year", adding that the bank would not be where it is today without their dedication.

In February 2024, the bank announced that it would give 6,000 junior employees an extra month's bonus on a one-off basis to help them "cope with the rising costs of living".

Top images via Google Maps & UOB