Wee Cho Yaw at $9.25m is Singapore's best paid banker

BANKING magnate Wee Cho Yaw was paid as much as $9.25 million last year, beating his counterparts at DBS Bank and OCBC Bank.

But the 78-year-old chief of United Overseas Bank (UOB) was still trumped by the boss of retailer Metro Holdings, Mr Jopie Ong, who appears to be the best paid chief - in cash terms - of a locally listed company last year.

Mr Ong, 66, drew between $10.75 million and $11 million for the year ended March last year, nearly four times what he received in 2005. This was due mainly to the company's lucrative sale of its interest in prime Orchard Road mall Ngee Ann City.

Mr Wee received between $9 million and $9.25 million for the year ended Dec 31, according to UOB's latest annual report, released yesterday. This represents a raise of between 6 and 12 per cent over the previous year.

His son Ee Cheong, 53, who is deputy chairman and president, was paid between $3.75 million and $4 million, up from the $3 million to $3.25 million in 2005.

Most companies report income bands rather than exact figures in their annual reports.

Mr Wee's pay puts him ahead of DBS' Mr Jackson Tai and OCBC's Mr David Conner. Mr Tai was paid between $7.5 million and $7.75 million last year, while Mr Conner received between $5 million and $5.25 million.

It also beats the salaries of local property bosses despite the sector's current boom.

CapitaLand paid its CEO, Mr Liew Mun Leong, $5.14 million, while City Developments' Mr Kwek Leng Beng received between $4.25 million and $4.5 million.

Conglomerate Keppel Corp, whose property and offshore engineering arms have grown strongly, has yet to release its annual report for last year. In 2005, it paid CEO Lim Chee Onn between $5.5 million and $5.75 million.

Mr Wee's pay also surpassed the salaries of top earners at shipping company Neptune Orient Lines (NOL).

Current chief executive Thomas Held, appointed last November, was paid between US$250,000 (S$380,000) and US$400,000.

His predecessor, Mr David Lim, received up to $1.6 million for 10 months' work.

NOL's top earner was its container liner business boss, Mr Ron Widdows, who received up to US$1.75 million.

Metro's Mr Ong, the son of company founder Ong Tjoe Kim, benefitted from a $118 million exceptional gain that the retail and property firm reaped from selling its remaining interest in Ngee Ann City in late 2005.

His all-cash pay was a shade below his record-breaking windfall in 2004 of $12.5 million to $12.75 million. This came after Metro sold most of its interest in Ngee Ann City in late 2003, netting an exceptional gain of $204 million.