He succeeds Wee Cho Yaw with immediate effect, with Wee Cho Yaw remaining group chairman, according to an announcement made at the bank's annual general meeting yesterday.

Wee Ee Cheong joined UOB in 1979. He has been a director of the board since 1990 and was appointed deputy chairman and president in 2000. As part of succession planning and the renewal process, UOB's nominating committee, chaired by independent director Wong Meng Meng, began a comprehensive exercise to identify a suitable candidate to succeed Wee Cho Yaw as CEO three years ago.

The committee came to the unanimous view that Wee Ee Cheong was the most suitable candidate in terms of experience, track record, leadership qualities and capabilities. It believes that with more than 28 years of experience in the group, Wee Ee Cheong's intimate knowledge of, and many contributions to the bank's growth strategies will stand him in good stead to lead UOB and ensure management continuity and stability.

Explaining his decision to step down as CEO at the general meeting, Wee Cho Yaw said: "I have seen UOB grow from a one-branch bank to a regional financial institution with more than 520 branches and offices in 18 countries and territories. I consider it my responsibility to shareholders to ensure a smooth succession and leadership renewal process."