United Overseas Bank’s (UOB) deputy chairman and CEO Wee Ee Cheong has received a total remuneration of $15.05 million for the FY2024 ended Dec 31, 2024, 6% lower compared to his total salary of $15.9 million in FY2023.
Wee’s basic salary rose from $1.2 million in FY2023 to $1.44 million in FY2024, although his bonus fell to $13.56 million in FY2024 from $14.69 million the year before. Benefits-in-kind and others, which includes transport- and events-related benefits, grew to $46,944 this year, from $39,701 in 2023.
“The compensation of our senior management is determined by our group’s balanced scorecard which includes metrics for financial outcomes, as well as strategic and business drivers," says a UOB spokesperson. "The board takes into account various factors when determining the CEO’s compensation. These include taking a long-term view in building the bank, the group’s achievement against its goals and the CEO’s overall performance as assessed by the board."
According to UOB’s FY2024 annual report that was released on March 21, 60% of Wee’s variable pay is deferred and will vest over the next three years. Of the deferred variable pay, 40% will be issued in deferred cash, while the remaining 60% will be in the form of share-linked units.
Meanwhile, UOB’s chairman, Wong Kan Seng, received $1.43 million in directors’ fees, up from $1.37 million in FY2023.
For FY2024, UOB reported a record net profit of $6.0 billion, up 6% y-o-y, driven by strong net fee income and trading and investment income.
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For the second of the year, UOB recommended a final dividend of 92 cents per share, bringing its total dividend to $1.80 per share, or a payout ratio of 50%.
In his chairman’s statement, Wong noted that global growth is tipped to soften in 2025 while a further escalation of geopolitical events will increase risks to the global outlook.
“Trade tensions among major economies are expected to push production costs higher, further disrupting global supply chains, investment and trade,” he says.
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While China’s trajectory is likely to be further tampered thanks to the knock-on effect from the US tariffs, Wong remains optimistic in Asean’s prospects due to the rebalancing of global trade and supply chain shifts.
“Total trade flows in Asean are projected to accelerate further, reaching US$4.7 trillion ($6.28 trillion) by 2027, a 34% increase from US$3.5 trillion in 2023,” he adds. “In the years ahead, foreign direct investment (FDI) inflows into Asean are set to rise to US$312 billion by 2027 and further to US$373 billion by 2030, from US$234 billion in 2023.”
Further to his statement, Wong also revealed that the bank is “making steady progress” on tapping into its capabilities to support its key growth drivers, connectivity, personalisation and sustainability.
“Our investments to enhance digital capabilities for our regional trade, supply chain and cash management platforms are enabling us to drive Asean connectivity, boosting our cross-border income and transaction banking income,” he says.
“UOB is the only bank to have signed memoranda of understanding with government investment promotion agencies across our key Asean markets to facilitate FDI flows into the region,” he points out.
Wong also mentioned the bank’s pursuit of innovations in artificial intelligence (AI) and generative AI (gen AI) technologies, adding that the board and management are “mindful of the potential risks” that may come.
As such, the bank will mitigate the risks with additional controls and enhance its AI and machine learning governance bodies and frameworks. At the same time, regulatory frameworks will help deploy these technological updates in a “responsible manner”, he notes.
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On money laundering and terrorism financing risks, Wong says the bank remains “vigilant” and continually ensures that it has “robust checks” in place.
“In 2024, the financial industry continued to face escalating threats from scams and fraud. Guiding the group to enhance our anti-scam measures remain a central priority for the board and management. Under Singapore’s Shared Responsibility Framework, we will continue to strengthen and roll out new real-time fraud surveillance capabilities to better protect the interests of our customers,” he says.
“Our customers remain the singular most effective line of defence against scammers and they must continue to exercise vigilance,” he adds.
Finally, he concludes by stressing that the Asean region remains a “bright spot” and a “stable region of economic growth and strong trade opportunities” despite the ongoing global geopolitical tensions.
“We see Asean’s GDP growth remaining stable in 2025. Over the longer run, the region’s favourable export prospects, rising affluence, cross-border trade coordination and deepening integration in regional industries will pave the way for stronger economic growth. In addition, digital and green economies will drive new investments and create new industries and jobs in the region,” he says.
Within the report, Wee likened UOB’s culture and long-term to a bonsai tree, which symbolises harmony, patience and resilience.
“Just like bonsai trees, strong institutions need careful nurturing and a solid foundation to flourish,” he says.
Like Wong, Wee believes the Asean region continues to “demonstrate resilience” with its strong economic fundamentals, young and expanding workforce, and robust consumption.
“While geopolitical tensions and policy shifts pose risks, supply chain diversification is driving foreign investment into the region,” he says, adding that Asean’s dynamism will continue to be fuelled by key megatrends, which are digitalisation, sustainability investments and a rising middle class.
“UOB is well-positioned to ride on these trends,” Wee stresses.
People are also at the heart of UOB’s operations, as evidenced by Wee and Wong’s notes.
Wee thanked UOB’s long-serving stalwarts CFO Lee Wai Fai and Eddie Khoo, the newly-minted senior advisor to UOB Vietnam, for their “outstanding leadership and contributions” to the bank over the years.
On revitalising its senior management team, Wee notes that the bank has built a “robust team” of leaders who are equipped to drive long-term value creation.
“I am confident that our refreshed leadership team will strengthen UOB and create lasting impact for all stakeholders,” he says.
“Our people are our greatest assets. To our colleagues, thank you for your dedication, resilience and commitment to UOB’s core values. I also extend my gratitude to the board for its guidance and unwavering support as we work towards our goals. Finally, to our customers and shareholders, thank you for your trust in UOB over the past 90 years,” he adds.
Similarly, Wong acknowledged UOB’s employees, noting that they are “key” to the bank’s performance and success.
“The board and management believe in growing our own timber and investing in our people to help them realise their full potential,” he says.
Shares in UOB closed 15 cents higher or 0.4% up at $37.95 on March 21, 3.83% up year-to-date.
