United Overseas Bank, the Singaporean bank, has confirmed the coming departure of its long-time chairman in 2013, after him having served in the position since 1974.

Wee Cho Yaw, the 84-year-old chairman and chief executive of United Overseas Bank assumed both roles in 1974, but gave his CEO seat to his son Wee Ee Cheong in April 2007. The Wee family controls UOB.

The Wee senior's decision to retire came as a surprise, local reports say. Wee, the third wealthiest man in Singapore according to the latest rankings by Forbes Magazine, had never hinted of any plans to leave.

He steps down effective April 2013, but will continue to advise the bank in an honorary Chairman Emeritus position. Hsieh Fu Hua will then become a non-executive chairman. Hsieh is currently a member of UOB's board and serves as director at Temasek. He also previously served as chief executive of the Singapore Exchange.

The announcement came shortly after United Overseas Bank posted robust earnings results for the second quarter ended 30 June 2012. The bank recorded a 12 per cent rise in earnings for the period to S$713 million ($574.77 million) from the previous year.