S'pore banker fights with Temasek

S'pore banker fights with Temasek

SINGAPORE: Singapore's richest banker, Wee Cho Yaw, faces a fight to retain control of United Overseas Bank (UOB) after powerful state investment arm Temasek Holdings launched a surprise bid for a large stake in part of his business empire, analysts said on Thursday.

Wee, UOB's chairman and chief executive, risks seeing his influence in the bank eroded if he loses his battle with Temasek for control of United Overseas Land (UOL), a property firm that has a 4 percent stake in UOB.

The Wee family currently controls 14 percent of UOB through cross holdings in Haw Par Corp, UOL and Overseas Union Enterprise (OUE). -- AFP