UOB chief Wee Ee Cheong’s pay down 20% to $12 million in 2025

SINGAPORE - UOB deputy chairman and chief executive Wee Ee Cheong was paid less in 2025 compared with 2024, mainly due to a lower bonus.

Mr Wee’s $12 million 2025 pay package was 20 per cent lower than the $15 million he received in 2024. It was also lower than the $15.9 million he received in 2023, according to the bank’s annual report released on March 19.

His annual remuneration comprised a base salary of $1.44 million, unchanged from 2024, and a bonus of $10.6 million, down from $13.6 million in 2024. Benefits in kind, and transport- and events-related benefits amounted to $42,629, lower than the $46,944 in 2024.

UOB said that 60 per cent of the variable pay to Mr Wee is deferred and will vest over the next three years. Of the deferred variable pay, 40 per cent will be issued in deferred cash, while the remaining 60 per cent will be in the form of share-linked units.

Variable pay is the part of one’s salary that is not fixed and can change depending on performance, company results, or specific targets.

UOB’s fourth-quarter net profit for the period ended Dec 31, 2025, fell 7 per cent year over year as net interest income moderated amid interest margin headwinds. Net profit for the three months came in at $1.41 billion, down from $1.52 billion a year ago.

For 2025, net profit was $4.7 billion, 23 per cent lower than the $6 billion a year ago, largely due to pre-emptive general allowances that the group proactively set aside in the third quarter to strengthen provision coverage amid growing macroeconomic uncertainties.

Allowances for credit and other losses more than quadrupled in the quarter to $1.36 billion.

In a statement, Mr Wee said that the bank will continue to stand by its customers through challenging conditions while safeguarding the long-term interests of all stakeholders. UOB is also focused on capturing ASEAN’s opportunities, he said.

He noted that UOB is in a sweet spot to capture ASEAN’s next stage of growth, given its network across the region and as the bank continues to invest in people, capabilities and technology to better support customers.

“We will strengthen our position as the leading trade bank in ASEAN, build a profitable and scalable consumer franchise, and deliver sustainable returns through cycles,” he said.

“ASEAN is entering a new phase of growth, underpinned by rising affluence, ageing populations and deeper regional integration. These shifts will drive demand for smarter banking, long-term wealth planning and seamless regional connectivity.”

UOB is the second of the three local banks to release annual reports for 2025.

DBS CEO Tan Su Shan was paid $9.64 million for 2025, in her first year at the helm, according to the bank’s annual report released on March 9.

Just over half of her 2025 pay package came from a deferred award of $4.92 million, to be paid mostly in shares. The rest was made up of a cash bonus of $3.69 million, a base salary of $975,250 and other payments of $68,694 comprising club, car and driver benefits.