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RETAIL BANKING | Staff Reporter, Singapore

UOB CEO Wee Ee Cheong's salary rose 12.58% to $7.80m in 2018

The bank’s full-year profits rose 18% thanks to loan, card, trade, and fund management fees.

The CEO of United Overseas Bank (UOB), Wee Ee Cheong, received total remuneration of $7.80m (S$10.56m) for 2018, higher by 12.58% than last year’s package of $6.93m (S$9.38m), the bank’s annual report revealed.

The remuneration package comprised a base salary of $890,000 (S$1.2m), a bonus of $6.89m ($9.33m), and benefits worth $24,000 (S$33,000).

UOB profits rose 18% YoY to $2.96b (S$4.01b) in FY2018 amidst strong performance in loan-related, credit card, trade-related and fund management fees.

Total income for Group Retail rose 4% to $2.92b (S$3.95b), supported by healthy volume growth and deposit margin improvement. Group Wholesale Banking reported an income growth of 11% to $2.91 (S$3.94b), led by double-digit loan growth and broad-based increase in fee and customer treasury income.

Total income for Global Markets grew 6% to $343.58m (S$465m) amidst favourable movements in foreign exchange and rates.

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