United Overseas Bank veteran Wee Cho Yaw is retiring after 60 years with the company.

Mr Wee, who who turns 89 in January, will step down from the UOB board at the annual shareholders' meeting in April, the bank said yesterday. He will relinquish all his board responsibilities but retain his chairman emeritus title and will also be appointed honorary adviser to the board in recognition of his many years of leadership and contribution to the group, UOB said.

The board described Mr Wee as one of Singapore's legendary entrepreneurs who has made immense contributions to the development of the banking industry.

"Under his leadership, UOB expanded greatly, both in scale and scope. It grew from a single branch local bank to a major regional player with more than 500 offices in 19 countries and territories, offering a comprehensive suite of financial services to retail, wholesale and global markets," it said in a statement.

Mr Wee, who was UOB chairman and chief executive from 1974 to 2007, owns over 18 per cent of the bank, according to the 2016 annual report.

UOB also announced yesterday that it has nominated former deputy prime minister Wong Kan Seng, 71, to succeed independent non-executive chairman Hsieh Fu Hua, who will retire next year.

Mr Hsieh, 67, will step down on Feb 14.

The Monetary Authority of Singapore (MAS) yesterday welcomed the continuing process of leadership renewal at UOB.

"MAS looks forward to receiving the board's nomination of Mr Wong Kan Seng as chairman, and to working with the refreshed board in the next phase of UOB's development," said a spokesman.