UOB CEO's pay for 2018 rises 12% to $10.56m

Most of United Overseas Bank chief executive Wee Ee Cheong's $10.56m pay package came from his bonus, which rose to $9.33 million from $8.14 million in 2017.
Most of United Overseas Bank chief executive Wee Ee Cheong's $10.56m pay package came from his bonus, which rose to $9.33 million from $8.14 million in 2017.PHOTO: THE BUSINESS TIMES

SINGAPORE - United Overseas Bank (UOB) chief executive Wee Ee Cheong was paid $10.56 million in 2018, up 12 per cent from the $9.4 million he got in 2017.

Most of his pay package came from his bonus, which rose to $9.33 million from $8.14 million in 2017, according to the bank's annual report on Wednesday (April 3).

In comparison, DBS Group Holdings chief executive Piyush Gupta enjoyed a 15.5 per cent pay raise to $11.9 million for 2018. Bulk of his pay came from increases in his cash bonus and share plan to $4.5 million and $6.1 million respectively.

UOB's net profit and revenue hit record highs last year, thanks to efforts in tapping intra-regional flows bearing fruit. The bank saw a threefold increase in deposit inflows in the past three years and cross-border revenue making up 25 per cent of its wholesale banking income.

In 2019, the bank said it expects market volatility to remain elevated, with key risks coming from ongoing US-China trade tensions, US fiscal and monetary policy settings, and a slowing China.

In its financial results briefing in February, UOB said it expects mid single-digit growth for both loans and fee income, and net interest margin to be flat or see "limited potential upside" this year.