United Overseas Bank on Thursday said its Chairman Hsieh Fu Hua will retire next year and that the board has nominated independent director Wong Kan Seng to take over the position.
Wong will succeed Hsieh, the first chairman of the bank from outside the Wee family when he steps down on February 14, 2018 after serving the board for nearly six years.
Until then, Hsieh will continue to chair the Board to oversee matters pertaining to the Group's current financial year, the company said in a statement.
UOB also said Chairman Emeritus Wee Cho Yaw will retire from the company's board in April 2018 after six decades of service.
Wee, who turns 89 next January, will relinquish all his board responsibilities next April but will retain his Chairman Emeritus title, the lender said.
Wong, 71, joined UOB's board in July 2017 after serving about 26 years in the Singapore Government where he held various ministerial positions during his tenure.