Banker Huang Zuyao's equity holdings of more than 13.8 billion yuan during his lifetime have been transferred to the inheritor

The estate of Wee Cho Yaw, the late UOB Honorary Chairman and Honorary Advisor, has transferred control of the remaining shares to Huang Zuyao's heirs, one of Singapore's largest transfers of wealth in decades. The shares totaled approximately US$10.4 billion (S$13.8 billion).

Bloomberg reported on Friday (March 7) that according to documents on Wednesday (5th), Huang Zuyao's estate administrator has waived control over UOB and its family real estate subsidiary UOL Group (Singapore's largest listed developer).

The documents show that the transfer of all UOB shares (worth approximately US$9 billion) under Huang Zuyao's name during his lifetime was completed within a few months. Huang Zuyao's estate administrator has also terminated direct and indirect control of 38% of Huaye Group's shares (worth approximately US$1.4 billion).

According to the Bloomberg Billionaires Index, the Huang family is the wealthiest banking family in Singapore. Huang Zuyao's eldest son Huang Yizong is the president of UOB Bank, the third largest bank in Southeast Asia. Before Huang Zuyao died in February last year, he served as chairman of six companies, including Huaye Group and Haw Par Corp, a pivotal oil producer.

The holding companies of the Huang family, including CY Wee & Co, are currently entirely owned by Huang Zuyao's wife, three sons and two daughters, but it is not clear from the documents how the shares of UOB and Huaye Group, held by the estate administrator, are distributed among family members.