In 2001, UOB’s acquisition of Overseas Union Bank (OUB) was Singapore’s largest bank takeover. The S$10 billion acquisition solidified UOB’s position as a dominant banking entity in the region, increasing our assets to over S$112 billion and extending our network to 98 branches.

At the time, local banks were urged to merge to achieve economies of scale and increase their competitive strength.

Current UOB Deputy Chairman and Chief Executive Officer, Mr Wee Ee Cheong (left), and Dr Wee Cho Yaw (centre) at the press conference announcing UOB’s merger with OUB in 2001

The Straits Times, 30 June 2001

An unexpected bid by DBS to merge with OUB galvanised the UOB Chairman and CEO to persuade Dr George Lien Ying Chow to consider a merger with UOB instead. His “friendly” bid ultimately won the day and OUB became the fifth Singapore bank to join the UOB Group.