UOB CEO Wee Ee Cheong gets 12% pay increase which includes S$14.7M bonus

UOB CEO Wee Ee Cheong gets 12% pay increase which includes S$14.7M bonus

UOB CEO gets 12% pay improve in 2023

In 2023, UOB’s CEO Wee Ee Cheong been given a shell out rise just after the bank’s comprehensive-yr main net gain strike a new history.

His wage amplified to a full of S$15.9 million, 12% better than his salary of S$14.2 million in 2022.

The figures ended up introduced in UOB’s annual report revealed currently (21 March).

Wee Ee Cheong gets S$14.7 million reward

According to the annual report, Mr Wee’s yearly foundation salary of S$1.2 million remained unchanged.

The bulk of the CEO’s salary arrived from his bonus which amounted to S$14.69 million.

The overall renumeration Mr Wee gained arrived up to S$15,929,701.

Transport-related added benefits amounting to S$39,701 and advantages-in-variety were also provided in Mr Wee’s annual remuneration.

UOB noted that 60% of Mr Wee’s variable shell out is deferred and will vest more than the next three a long time.

40% of the deferred variable pay out will be issued in deferred funds, even though the remaining sum will be in the kind of share-linked units.

UOB CEO overtakes DBS CEO’s pay out

Mr Wee’s income in 2023 surpassed the income of DBS CEO Piyush Gupta.

The latter took house S$11.2 million in 2023 right after a 27% shell out lower thanks to the bank’s slew of electronic disruptions that 12 months.

Source: Bloomberg

Mr Gupta also been given a 30% minimize in variable shell out in February.

UOB profits strike an all-time large in 2023

In accordance to the report, UOB’s entire-year core web financial gain elevated by 26% to S$6.1 billion in 2023.

This marked the initially time the company’s revenue surpassed S$6 billion.

Supply: UOB

In the report, Mr Wee stated UOB operates from a position of strength in ASEAN and is confident in the bank’s upcoming.

“Growth in the ASEAN area is predicted to continue being strong thanks to domestic demand from customers, moderating inflation and greater trade and financial commitment flows,” he claimed.

Mr Wee also thanked the bank’s stakeholders for their assistance.

“I glance ahead to your ongoing help as we aim our attempts on becoming the most chosen lender for buyers and firms in ASEAN.”

Also examine: DBS CEO Piyush Gupta receives 27% shell out minimize in 2023, normally takes residence S$11.2M

DBS CEO Piyush Gupta gets 27% fork out reduce in 2023, can take property S$11.2M

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