Lien Ying Chow, 98, Founded Overseas Union Bank
Bill Schenley
http://straitstimes.asia1.com.sg/topstories/story/0,4386,265690,00.html
(w/photo)
Banker Lien Ying Chow dies, aged 98
SINGAPORE banking giant Lien Ying Chow, founder of Overseas Union Bank
(OUB), died last night after a short illness. He was 98.
Mr Lien's story was a classic rags-to-riches tale.
A spokesman for the family said that he died peacefully at home at
8.50pm, surrounded by his wife Margaret and loved ones.
The wake will be held from tomorrow, and the family will release
details today.
Mr Lien had eight children, and several grandchildren and
great-grandchildren.
His was a classic rags-to-riches story.
He arrived in Singapore in 1920 as a penniless 14-year-old orphan and
went on to create the predecessor of OUB - the Overseas Chinese Union
Bank - during tumultuous times thrown up by the chaos of World War II.
Just before Japanese forces seized Singapore in 1942, Mr Lien, like
many Chinese businessmen and bankers, fled to China's wartime
capital - Chongqing.
The journey to Chongqing was a hazardous one. He had to get there via
Perth, Colombo, Calcutta and Kunming, travelling in overcrowded cargo
ships that had to dodge Japanese bombs.
On board the cargo ship to Australia, he agreed to be tied to the mast
for four hours every day to keep a lookout for Japanese submarines.
Chongqing was a refuge for many overseas Chinese merchants from
Singapore and Malaya. There, he encouraged the Chinese emigre
community to get together and help him launch a small bank - Overseas
Chinese Union Bank - which opened for business as World War II raged
on in 1943. Mr Lien was only 36 then.
Just before he fled Singapore, at age 34, he had been elected
President of the Chinese Chamber of Commerce, the youngest man ever to
have been elected to the post.
The Overseas Chinese Union Bank operated from a building in Lin San
Road, the main street in the financial district next to the Yangtze
River. The banking hall was on the ground floor, the kitchen and
dining room were on the second floor and the bedrooms were on the
third floor where Mr Lien, his general manager and his manager's wife
lived.
With World War II over in 1945, Mr Lien saw that another conflict -
the Chinese Civil War - meant returning to Singapore would offer a
more stable environment for his fledgling bank. He sent his general
manager to Singapore and gathered a group of investors to sit on the
board.
They included 'Tiger Balm King' Aw Boon Haw and cinema magnate Loke
Wan Tho. With a paid-up capital of $2 million, a staff of just 27, and
Mr Lien as the first vice-chairman and managing director, the re-named
Overseas Union Bank opened for business in February 1949 in Raffles
Place.
In 1995, Mr Lien retired as group chairman and director of OUB.
In 2001, it merged with rival United Overseas Bank.