Lee Seng Wee Explained

Lee Seng Wee
Birth Date:4 April 1930
Birth Place:Singapore, Straits Settlements
Death Place:Singapore
Alma Mater:University of Toronto (BEng)
University of Western Ontario (MBA)
Occupation:Businessman
Children:3
Parents:Lee Kong Chian (father)
Tan Ai Leh (mother)
Relatives:Tan Kah Kee (maternal grandfather)
Lee Seng Gee (brother)
Lee Seng Tee (brother)

Lee Seng Wee (; 4 April 1930 – 7 August 2015) was a Singaporean banker and businessman.

Early life

Lee was the third son of Lee Kong Chian, and maternal grandson of Tan Kah Kee.

Lee was educated at the Anglo-Chinese School in Singapore[1] before graduating from the University of Toronto, where he studied engineering. He subsequently completed a Master of Business Administration degree at the University of Western Ontario, where he topped his class.[2]

Career

Upon returning to Singapore, Lee joined the Lee Rubber Company and rose to the position of vice-chairman. He subsequently became a director of the second-largest bank in Southeast Asia, OCBC Bank, where he served from 1966 to 2016, and later chairman from 1995 to 2003.[3] He orchestrated a S$2.4 billion takeover bid for Singapore's then-fifth largest bank, Keppel Capital Holdings in June 2001.[4]

In 2003, Lee stepped down as chairman and moved to a non-executive position, but continued to guide the strategic direction of the bank. Major investments and acquisitions during his long tenure include OCBC-NISP in Indonesia, OCBC China Bank, OCBC-Wing Hang in Hong Kong; the private banking business of ING Asia Bank, majority control of Great Eastern Life Insurance and a 20 percent stake in Bank of Ningbo in China. The net profit after tax for OCBC Group was almost S$4 billion for 2015.

In addition to his role in OCBC, Lee was also a director of several companies, including Lee Rubber Group Companies and Lee Foundation.[5] He served as a board member of the GIC, Singapore's sovereign wealth fund and the Council of Presidential Advisors, Singapore.

Lee was conferred the Distinguished Service Order in 2001.[6] [7] In 2006, he received the Woodrow Wilson Award for Corporate Citizenship in New York for contributions to Singapore.[8]

Death

On 7 August 2015, at the age of 85, Lee died of complications arising from a head injury sustained during a fall at home.[9]

Notes and References

  1. Web site: In Memoriam - Mr Lee Seng Wee. www.blueskiescom.com. 2017-08-29. 25 November 2016. https://web.archive.org/web/20161125134305/http://www.blueskiescom.com/alumni/oct_nov_15/memoriam.html. live.
  2. Book: Suryadinata, Leo. Southeast Asian Personalities of Chinese Descent: A Biographical Dictionary, Volume I & II. 2012. Institute of Southeast Asian Studies. 9789814345217. 541. 9 January 2018. 5 March 2024. https://web.archive.org/web/20240305144109/https://books.google.com/books?id=v9QEBAAAQBAJ. live.
  3. News: Former OCBC Bank chairman Lee Seng Wee dies aged 85. Channel NewsAsia. 2017-08-29. 29 August 2017. https://web.archive.org/web/20170829170451/http://www.channelnewsasia.com/news/singapore/former-ocbc-bank-chairman-lee-seng-wee-dies-aged-85-8233784. live.
  4. News: Lee Seng Wee. Forbes. 2017-08-29. 31 August 2017. https://web.archive.org/web/20170831195657/https://www.forbes.com/profile/lee-seng-wee/. live.
  5. News: Former OCBC chairman Lee Seng Wee dies, aged 85. U-Wen. Lee. The Business Times. 2017-08-29. 29 August 2017. https://web.archive.org/web/20170829171558/http://www.businesstimes.com.sg/banking-finance/former-ocbc-chairman-lee-seng-wee-dies-aged-85. live.
  6. News: Vasoo . Sharon . Tan . Suan Ann . 2001-08-09 . Honours for people from all walks of life . The Straits Times.
  7. Web site: 2021-11-22 . PMO Recipients The Distinguished Service Order 2001 . live . https://web.archive.org/web/20220807064249/https://www.pmo.gov.sg/National-Day-Awards/Recipients?page=1&keywords=&award=The%20Distinguished%20Service%20Order&year=2001 . 2022-08-07 . 2024-06-11 . . en.
  8. Web site: 2007-05-03 . Woodrow Wilson Awards . dead . https://web.archive.org/web/20070503172818/http://www.wilsoncenter.org:80/index.cfm?fuseaction=awards.awards . 2007-05-03 . 2024-06-11 . WilsonCenter.org.
  9. News: Former OCBC chairman Lee Seng Wee dies aged 85, Banking News & Top Stories - The Straits Times. The Straits Times . 2015-08-10. 2017-08-29. bot: unknown. https://web.archive.org/web/20150810173634/http://www.straitstimes.com/business/banking/former-ocbc-chairman-lee-seng-wee-dies-aged-85. 2015-08-10.