United Overseas Bank Ltd.'s Chief Financial Officer, Lee Wai Fai, will step down next year after serving two decades in the role. Lee, 64, has been with the Southeast Asian lender since 2005. On April 22, 2024, Leong Yung Chee, the 51-year-old head of group corporate banking, will succeed Lee, according to a statement from UOB.
The appointment of Leong portends a change of guard at the bank controlled by the billionaire Wee family. He will become the youngest member of the firm’s top seven-member management executive committee led by Chief Executive Officer Wee Ee Cheong, 71.
“We are refreshing our senior management team to ensure leadership continuity and to drive progressive growth”, Wee said in the statement, in which he also thanked Lee.
Leong’s “extensive experience will position him well to align our financial strategy with business transformation and innovation”, Wee said.
Lee, who joined UOB in 1989, has been seen as the second-in-command to CEO Wee. Jovial and eloquent, he usually fields questions from investors, analysts, and reporters at major briefings. Lee will stay on to oversee the corporate real estate and services function and UOB Asset Management.
Leong joined UOB in 2016 after spending five years at Macquarie Group, where he served as the Singapore country head and CEO of Macquarie Capital Singapore. The Singaporean has 26 years of experience in financial services, having previously worked at Credit Suisse and Merrill Lynch.
UOB also announced the appointment of Edmund Leong as the new head of group corporate banking, effective April 22. This new position will be in addition to his current role as head of investment banking.