2015 began on a cautiously optimistic note but ended with disappointment as the persistent slowdown in the global economy was made worse by an unanticipated and severe drop in oil prices. Markets reacted with great volatility as hope turned to nervousness. While 2016 looks set to be another difficult year, we continue to see opportunities in adversity. Our fundamentals are in good stead and our approach has always been with a long-term view.
When my father, Datuk Wee Kheng Chiang, and his business partners opened this bank on 1 October 1935, they were guided by a philosophy built on two pillars – the first is that of being honourable to our customers and to our colleagues. Honour and integrity must never be compromised in a banker.
The second is that of always placing the right persons in the right positions. This philosophy, which I embraced, has since been embedded in UOB and has guided our progress. We reaffirmed its significance as we celebrated our 80th anniversary in 2015. Even as the banking landscape and the regulations governing it become more complex over time, UOB’s approach will remain unchanged in taking us forward.
I wish to thank all our loyal customers for their generations of support and our management and employees for upholding UOB’s values as they serve and support our customers.
Wee Cho Yaw
Chairman Emeritus and Adviser
February 2016