SINGAPORE – UOB chief executive Wee Ee Cheong was paid $15.05 million in 2024 – less than his earnings in 2023 although his base salary increased.

Mr Wee’s $15.05 million pay package was 5.5 per cent lower than the $15.9 million he received in 2023, but still higher than the $14.2 million he racked up in 2022.

Mr Wee’s annual remuneration comprises a base salary of $1.44 million, up from the $1.2 million in 2023, and a bonus of $13.56 million, down from $14.7 million in 2023. Benefits-in-kind, transport- and events-related benefits amounted to $46,944.

UOB, Singapore’s third-largest bank, noted in its annual report out on Mar 21 that 60 per cent of Mr Wee’s variable pay is deferred and will vest over the next three years.

It added that 40 per cent of the deferred variable pay will be issued in deferred cash with the remaining 60 per cent coming in the form of share-linked units.

DBS Bank said in its annual report earlier in March that outgoing CEO Piyush Gupta received $17.58 million in total pay for 2024.

Mr Wee noted in the UOB report that the Asean region continues to be resilient despite global uncertainties in 2024, thanks to its strong economic fundamentals, young and expanding workforce and robust consumption.

He noted: “Key megatrends – digitalisation, sustainability investments and a rising middle class – will continue to fuel Asean’s dynamism. UOB is well-positioned to ride on these trends, supporting our customers to fulfil their needs and aspirations.”

UOB net profit in 2024 grew 6 per cent from 2023 to hit a record $6.04 billion, driven by strong net fee income and trading and investment income.

The bank said its acquisition of Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam has expanded its retail customer base to 8.4 million across Asean.

UOB completed integrating Citigroup’s consumer business in Thailand in 2024, after finishing the same process in Malaysia and Indonesia in 2023. The integration for Vietnam is on track to be completed by the end of 2025.

UOB shares closed 0.40 per cent higher at $37.95 on Mar 21.

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