Veteran banker Mr Wee Cho Yaw has stepped down as chairman of United Overseas Bank (UOB).
This was announced at the bank's annual general meeting (AGM) on Thursday.
Mr Wee, 84, who led the bank for 38 years as chairman and chief executive, will remain on the board as a non-executive director, holding the title of chairman emeritus and adviser to the board.
His successor, former Singapore Exchange chief executive Hsieh Fu Hua, thanked Mr Wee for his contributions to the bank, which has "grown about a hundred-fold from $2.8 billion in total assets to more than $253 billion, and in market value from $320 million to $32 billion" during his tenure.
"Under you, we have grown from a small bank by the Singapore River to become a leading regional bank...The result of your life's passion is evident to all," said Mr Hsieh.