Lee Hee Seng

Lee received his early education at St. Patrick's School.{{Cite news |date=1980-02-13 |title=New member for the PSC |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19800213-1.2.56 |access-date=2025-01-09 |work=The Business Times |pages=12}} Later, Lee attended Raffles Institution and graduated in 1946 with a School Certificate.{{Cite news |date=1947-04-03 |title=CAMBRIDGE EXAM SUCCESSES |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/freepress19470403-1.2.18 |access-date=2025-01-09 |work=Singapore Free Press |pages=1}}{{Cite news |date=1947-05-07 |title=CAMBRIDGE EXAM. RESULTS |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19470507-1.2.50 |access-date=2025-01-09 |work=The Straits Times |pages=5}} He was also a graduate at the Administrative Staff College.

In 1954, Lee was the first Malayan to pass the final examination conducted by the Building Societies' Institute, and was appointed as associate of the institute.{{Cite news |date=1954-07-18 |title=Mr. Lee passes building test |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19540718-1.2.64 |access-date=2025-01-09 |work=The Straits Times |pages=5}}{{Cite news |date=1954-12-23 |title=MR. LEE GETS HIS CERTIFICATE AND CHAIRMAN'S CONGRATULATIONS |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitsbudget19541223-1.2.42 |access-date=2025-01-09 |work=The Straits Times |pages=10}}

Upon graduation, Lee joined the Commonwealth Development Corporation and was seconded to the Federal and Colonial Building Society (now known as the Malaya Building Society Berhad). In 1955, he was appointed as secretary of the society. In 1964, he was promoted again and served as general manager.{{Cite news |date=1965-03-29 |title=THE GENERAL MANAGER |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19650329-1.2.126.9 |access-date=2025-01-09 |work=The Straits Times |pages=3}}{{Cite news |date=1964-02-24 |title=NEW MAN AT THE TOP |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19640224-1.2.49 |access-date=2025-01-09 |work=The Straits Times |pages=5}}{{Cite news |date=1965-03-29 |title=職員簡介 |trans-title=Staff Profile |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/nysp19650329-1.2.67.1 |access-date=2025-01-10 |work=Nanyang Siang Pau |pages=22 |language=zh}} Lee left the society in 1971 and returned to Singapore from Kuala Lumpur.

On 2 April 1971, Lee was appointed as chairman of the Housing and Development Board (HDB), after the position was vacant since August 1970 following the resignation of Pang Tee Pow.{{Cite news |date=1971-04-02 |title=New chief for housing board |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/easternsun19710402-1.2.9 |access-date=2025-01-09 |work=Eastern Sun |pages=2}}{{Cite news |date=1971-04-05 |title=Di-lantek jadi pengerusi |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19710405-1.2.71 |access-date=2025-01-09 |work=Berita Harian |pages=12 |language=ms}} In August 1971, New Zealand Minister for Housing John Rae was brought to tour new HDB flats in Queenstown by Lee, along with Minister for Law and National Development Edmund W. Barker.{{Cite news |date=1971-08-28 |title=NZ minister tours HDB flats in Queenstown |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19710828-1.2.118 |access-date=2025-01-09 |work=The Straits Times |pages=19}}{{Cite news |date=1971-08-28 |title=Menteri dari New Zealand jumpa Barker |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19710828-1.2.17 |access-date=2025-01-09 |work=Berita Harian |pages=2 |language=ms}} In February 1972, Lee and Barker accompanied Queen Elizabeth II to tour a housing estate in Toa Payoh.{{Cite news |date=1972-02-19 |title=SUNSHINE WELCOME! |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19720219-1.2.3 |access-date=2025-01-09 |work=The Straits Times |pages=1}}{{Cite news |date=1972-02-19 |title=10,000 alu2kan Ratu di-Toa Payoh |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19720219-1.2.46 |access-date=2025-01-09 |work=Berita Harian |pages=10 |language=ms}}{{Cite news |last=Lok |first=Jian Wen |date=2022-09-09 |title=Highlights of Queen Elizabeth's 3 visits to Singapore |url=https://str.sg/wzCj |access-date=2025-01-09 |work=The Straits Times}}{{Cite news |date=1972-02-19 |title=英女王與公爵公主視察大巴窰住宅區駕臨兩個家庭·垂詢生活情况萬千男女老幼夾道歡呼 |trans-title=The Queen, the Duke and the Princess of England inspected the Toa Payoh residential area and visited two families to enquire about their living conditions. Thousands of men, women and children lined the streets and cheered. |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/nysp19720219-1.2.27.1 |access-date=2025-01-10 |work=Nanyang Siang Pau |pages=15 |language=zh}} During a review conducted at the end of 1972, HDB built a record 20,525 units of shops and flats, with a further 36,560 units under construction.{{Cite news |date=1973-04-14 |title=Housing standard 'highest in Asia' |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/newnation19730414-1.2.15 |access-date=2025-01-09 |work=New Nation |pages=2}}{{Cite news |last=Magiar Simin |date=1973-04-15 |title=1972—satu lagi tahun kejayaan dim sejarah binaan... |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19730415-1.2.24 |access-date=2025-01-09 |work=Berita Harian |pages=6}} HDB also raised its 5-year target from 100,000 to 125,000 units.{{Cite news |last=Ng |first=Evelyn |date=1973-04-15 |title=HDB raises 5-year target from 100,000 to 125,000 |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19730415-1.2.14 |access-date=2025-01-09 |work=The Straits Times |pages=5}} Lee elaborated in his review:

{{Quote|text=The standard of public housing provided by the Housing and Development Board is not only among the highest in Asian countries, but is also comparable to European and American standards.
Owing to boom conditions the values of properties in the Republic have risen substantially in the past three years. The selling prices of housing developed by private enterprise are no longer related to income and are beyond the reach of many middle-income earners who now look to the Board to provide them with homes.}}On 1 April 1975, Lee stepped down as chairman of HDB, and was succeeded by Michael Fam.{{Cite news |date=1975-03-19 |title=Dilantik sebagai Pengerusi Lembaga Perumahan |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19750319-1.2.61 |access-date=2025-01-09 |work=Berita Harian |pages=8}} In 1976, in recognition of his contributions to HDB, he was awarded the Meritorious Service Medal.

On 1 April 1974, Lee was appointed as a director of Overseas Union Bank (OUB), after Lien Ying Chow spent three years convincing Lee to join the bank.{{Cite news |date=1974-04-29 |title=PEOPLE IN BUSINESS |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19740429-1.2.72.2 |access-date=2025-01-09 |work=The Straits Times |pages=14}}{{Cite news |last1=Chia |first1=Jean |last2=Chan |first2=Sue Meng |date=1995-03-17 |title=An extraordinary entrepreneur who just loves what he is doing |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19950317-1.2.64.43 |access-date=2025-01-09 |work=The Straits Times |pages=46}}{{Cite news |last=Goh |first=Eng Yeow |date=2012-02-09 |title=Ex-OUB staff pay final tribute to banker |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes20120209-1.2.16.1 |access-date=2025-01-09 |work=The Straits Times |pages=11}} Lien felt that OUB had to transition from a traditional Chinese family-owned bank to a meritocratic and modern bank, and that was one of Lee's first tasks as director.{{Cite news |last=Lim |first=Richard |date=2001-08-12 |title=How Lien courted Lee to helm OUB |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes20010812-1.2.59.9.1 |access-date=2025-01-09 |work=The Straits Times |pages=5}} Lee prepared OUB for a public listing, and on 21 August 1975, OUB began trading on the Stock Exchange of Singapore.{{Cite news |date=1975-06-18 |title=OUB plans SES listing |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19750618-1.2.103.28 |access-date=2025-01-09 |work=The Straits Times |pages=15}}{{Cite news |date=1975-07-01 |title=OUB listing 'a chance for public' |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19750701-1.2.114.1 |access-date=2025-01-09 |work=The Straits Times |pages=15}}{{Cite news |date=1975-08-20 |title=OUB debut tomorrow |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19750820-1.2.82.21 |access-date=2025-01-09 |work=The Straits Times |pages=15}} However, at a debut price of {{SGD|3|link=on}} per share, shares were traded to as low as {{SGD|2.54|link=on}}.{{Cite news |date=1975-08-22 |title=Disappointing OUB debut |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19750822-1.2.82.4 |access-date=2025-01-09 |work=The Straits Times |pages=14}}

In May 1978, as part of modernising the bank using technology, Lee was appointed chairman of Associated Data Processing, a private limited company with a paid-up capital of {{SGD|1000000|link=on}}. The computer company was set up by OUB, along with Asia Commercial Banking Corporation, Far Eastern Bank, Industrial and Commercial Bank. Each of the banks contributed to 25% of the capital.{{Cite news |last=Teo |first=Lian Huay |date=1978-05-04 |title=Computer to link up 42 bank branches |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/newnation19780504-1.2.21 |access-date=2025-01-09 |work=New Nation |pages=4}}{{Cite news |date=1978-05-05 |title=4 bank tubuh syarikat untuk licinkan gerakan |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19780505-1.2.25 |access-date=2025-01-09 |work=Berita Harian |pages=3 |language=ms}} This was the first time that local banks joined forces to form such a company, providing real-time access and transactions to accounts between the banks.{{Cite news |date=1978-05-05 |title=JOINT COMPUTER CENTRE |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19780505-1.2.12.2 |access-date=2025-01-09 |work=The Business Times |pages=2}}{{Cite news |date=1978-05-05 |title=Computer link for 42 branches of four banks |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19780505-1.2.77 |access-date=2025-01-09 |work=The Straits Times |pages=17}}{{Cite news |date=1978-07-16 |title=Four banks share computer to boost services |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19780716-1.2.53 |access-date=2025-01-09 |work=The Straits Times |pages=9}}{{Cite news |last=Lee |first=Hee Seng |date=1979-04-19 |title=Three is a crowd but four is a team |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19790419-1.2.64.5 |access-date=2025-01-10 |work=The Business Times |pages=23}} Lee explained further:

{{Quote|text=Apart from simplifying branch accounting and record-keeping functions, the computer systems will provide faster counter services for customers.}}

On 17 October 1978, Lee was appointed as one of the directors of the Nanyang Press, publisher of the Nanyang Siang Pau.{{Cite news |date=1978-10-18 |title=Banker Lien appointed Nanyang Press chairman |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19781018-1.2.38 |access-date=2025-01-09 |work=The Straits Times |pages=8}}{{Cite news |date=1978-09-23 |title=OUB chief 'to head' Nanyang |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/newnation19780923-1.2.13 |access-date=2025-01-10 |work=New Nation |pages=2}}{{Cite news |title=Pengerusi |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19781019-1.2.20 |access-date=2025-01-09 |work=Berita Harian |pages=2 |language=ms}} On 28 July 1979, Lee was appointed by President Benjamin Sheares as a justice of the peace.{{Cite news |date=1979-07-29 |title=21 are made Justices of the Peace |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19790729-1.2.53 |access-date=2025-01-10 |work=The Straits Times |pages=8}} On 12 February 1980, Lee was appointed as a member of the Public Service Commission (PSC).{{Cite news |date=1980-02-13 |title=Pengarah eksekutif bank dilantik ke PSC |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19800213-1.2.58 |access-date=2025-01-10 |work=Berita Harian |pages=8 |language=ms}}{{Cite news |date=1980-02-13 |title=Banker is PSC member |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19800213-1.2.61 |access-date=2025-01-10 |work=The Straits Times |pages=11}}{{Cite news |date=1985-02-14 |title=李喜盛受委担任公共服务委员会委员 |trans-title=Lee Hee Seng appointed as member of the Public Service Commission |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/lhzb19850214-1.2.8.6 |access-date=2025-01-10 |work=Lianhe Zaobao |pages=3 |language=zh}}

In July 1980, Lee was promoted to become managing director of OUB.{{Cite news |date=1980-07-17 |title=MOVING UP AT OUB |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19800717-1.2.67 |access-date=2025-01-10 |work=The Straits Times |pages=10}}{{Cite news |date=1980-07-14 |title=New OUB managing director |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19800714-1.2.35 |access-date=2025-01-10 |work=The Business Times |pages=12}} Under his leadership, OUB established wholly owned subsidiaries in Toronto and Sydney,{{Cite news |date=1982-09-06 |title=OUB opens subsidiary in Toronto |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19820906-1.2.33 |access-date=2025-01-10 |work=The Business Times |pages=16}}{{Cite news |date=1982-09-06 |title=OUB in Canada |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19820906-1.2.73.1.1 |access-date=2025-01-10 |work=The Straits Times |pages=17}}{{Cite news |date=1986-02-25 |title=OUB Australia to open on March 3 |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19860225-1.2.19.6 |access-date=2025-01-10 |work=The Business Times |pages=6}}{{Cite news |date=1986-03-03 |title=OUB unit opens in Sydney today |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19860303-1.2.33.7 |access-date=2025-01-10 |work=The Straits Times |pages=17}} restructured its operations,{{Cite news |date=1982-10-01 |title=OUB sets up two new divisions |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19821001-1.2.2 |access-date=2025-01-10 |work=The Business Times |pages=1}}{{Cite news |date=1982-10-01 |title=OUB REVAMP |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/newnation19821001-1.2.23.2 |access-date=2025-01-10 |work=New Nation |pages=14}}{{Cite news |date=1982-10-02 |title=Overseas Union Bank restructures its operations |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19821002-1.2.82.2 |access-date=2025-01-10 |work=The Straits Times |pages=19}} and acquired the International Bank of Singapore.{{Cite news |last=Soh |first=Tiang Keng |date=1983-06-02 |title=IBS to complement OUB's operations |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19830602-1.2.11.1 |access-date=2025-01-10 |work=The Business Times |pages=2}} After a decade of managing OUB, the bank's profits grew 25% annually.{{Cite book |last=Lim |first=Richard |title=Building a Singapore bank: the OUB story |publisher=Overseas Union Bank |year=1999 |location=Singapore}} In June 1988, Lee was promoted to group deputy chairman of OUB.{{Cite news |last=Ong |first=Catherine C. |date=1988-06-04 |title=OUB to get new chief executive |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/stoverseas19880604-1.2.16.17 |access-date=2025-01-10 |work=The Straits Times |pages=19}}

On 1 August 1988, Lee succeeded Tan Teck Chwee as chairman of PSC.{{Cite news |date=1988-06-15 |title=Lee Hee Seng to head Public Service Commission |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19880615-1.2.11.3 |access-date=2025-01-10 |work=The Business Times |pages=2}}{{Cite news |date=1988-06-15 |title=Lee Hee Seng dilantik jadi Pengerusi PSC |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19880615-1.2.5 |access-date=2025-01-10 |work=Berita Harian |pages=1}}{{Cite news |date=1988-06-15 |title=Lee Hee Seng appointed new PSC chairman |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19880615-1.2.5 |access-date=2025-01-10 |work=The Straits Times |pages=1}}{{Cite news |date=1988-05-16 |title=李喜盛出任公共服务委会主席 |trans-title=Lee Hee Seng appointed as chairman of the Public Service Commission |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/lhwb19880615-1.2.21.2 |access-date=2025-01-10 |work=Lianhe Wanbao |pages=7 |language=zh}} To concentrate on his new role, Lee gave up his directorships in publicly listed companies, and only retaining the position of group deputy chairman of OUB and managing director of the hotel-managing arm of OUB.{{Cite news |date=1988-08-03 |title=Lee Hee Seng gives up positions |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19880803-1.2.37.1 |access-date=2025-01-10 |work=The Business Times |pages=17}} In recognition of his contributions to the public service, Lee was awarded the Distinguished Service Order in November 1989.{{Cite news |date=1989-11-11 |title=李喜盛杨邦孝 总统颁服务勋章 |trans-title=Lee Hee Seng and Yong Pung How awarded the Meritorious Service Medal by President |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/lhwb19891111-1.2.6.17 |access-date=2025-01-10 |work=Lianhe Wanbao |pages=4 |language=zh}} Throughout his term, he was also appointed chairman to various newly commissions, dealing with education, police and civil defence.{{Cite news |date=1990-08-15 |title=PSC chairman to head two new bodies |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19900815-1.2.8.8 |access-date=2025-01-10 |work=The Straits Times |pages=3}}{{Cite news |date=1990-08-15 |title=Lee Hee Seng to chair two commissions |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19900815-1.2.71 |access-date=2025-01-10 |work=The Business Times |pages=30}}{{Cite news |date=1990-08-17 |title=Pemerintah lantik anggota dua suruhanjaya |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19900817-1.2.21.4 |access-date=2025-01-10 |work=Berita Harian |pages=7 |language=ms}} Lee's ten year term ended on 1 August 1998, and he was succeeded by Andrew Chew.{{Cite news |date=1998-04-11 |title=Dr Chew to head PSC |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/stoverseas19980411-1.2.5.3.1 |access-date=2025-01-10 |work=The Straits Times |pages=4}}{{Cite news |date=1998-07-15 |title=Andrew Chew steps down from Temasek board |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19980715-1.2.9.1 |access-date=2025-01-10 |work=The Business Times |pages=2}}

In March 1995, Lee succeeded Lien as chairman of OUB{{Cite news |date=1995-03-17 |title=Founder Lien Ying Chow to retire from OUB board |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19950317-1.2.5 |access-date=2025-01-10 |work=The Straits Times |pages=1}}{{Cite news |last=Quak |first=Hiang Whai |date=1995-03-17 |title=OUB chairman Lien Ying Chow retires, Lee Hee Seng takes over |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19950317-1.2.4 |access-date=2025-01-10 |work=The Business Times |pages=1}}{{Cite news |last=Quak |first=Hiang Whai |date=1995-03-17 |title=A banking titan calls it a day |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19950317-1.2.38 |access-date=2025-01-10 |work=The Business Times |pages=18}} In June 2001, DBS Bank launched a hostile bid of {{SGD|9400000000|link=on}} to takeover OUB. However, important stakeholders of OUB, such as Lee, showed no interest in agreeing to the unsolicited deal.{{Cite news |last=Koh |first=Edna |date=2001-06-23 |title=DBS makes $9.4b bid for OUB |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/stoverseas20010623-1.2.2 |access-date=2025-01-10 |work=The Straits Times |pages=1}} In August 2001, a document prepared by Goldman Sachs, DBS' financial adviser, was released to investors during a DBS roadshow in Europe. It contained critical statements criticising OUB and the United Overseas Bank (UOB), and suggested that there would be "decision paralysis and infighting" if the two banks merged. DBS apologised for the incident, and paid {{SGD|1000000|link=on}} each to chairmen from both banks, which was donated to charity.{{Cite news |last=Ng |first=Serena |date=2001-10-20 |title=Goldman Sachs, DBS spared SIC reprimand |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes20011020-1.2.5 |access-date=2025-01-10 |work=The Business Times |pages=1}} Lee and Wee Cho Yaw accepted the apology.{{Cite news |date=2001-08-01 |title=DBS apologises to UOB, OUB over 'critical statements |work=CNA}}{{Cite news |last=Low |first=Ignatius |date=2001-08-01 |title=DBS says sorry to UOB and OUB |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes20010801-1.2.2 |access-date=2025-01-10 |work=The Straits Times |pages=1}}{{Cite news |last=Tan |first=Angela |date=2001-08-08 |title=Goldman chief apologises to all 3 local banks in DBS saga |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes20010808-1.2.4 |access-date=2025-01-10 |work=The Business Times |pages=1}} Lee felt that the defamatory statements were personal.{{Cite news |last=Tan |first=Angela |date=2001-08-09 |title=Defamation was personal: OUB chairman |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes20010809-1.2.9.4 |access-date=2025-01-10 |work=The Business Times |pages=2}}

In a circular to OUB shareholders, Lee pushed for shareholders to accept takeover bid of {{SGD|10000000000|link=on}} from UOB, and said that merging with UOB will be better in the long run.{{Cite news |date=2001-08-02 |title=OUB advises shareholders to accept UOB's offer |work=CNA}} In August 2001, majority of shareholders voted to accept the bid from UOB, and only 1.2% of shareholders accepted the offer from DBS. As such, DBS conceded, and OUB merged with UOB.{{Cite news |last=Tan |first=Angela |date=2001-08-11 |title=DBS concedes defeat, lets OUB offer lapse |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes20010811-1.2.4 |access-date=2025-01-10 |work=The Business Times |pages=1}} Lee was the only representative from OUB as part of a four-man team to supervise the merger, and he was appointed as senior deputy chairman of UOB.{{Cite news |last=Loh |first=Hui Yin |date=2001-09-29 |title=Wee Cho Yaw-led team to supervise UOB-OUB integration |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes20010929-1.2.5 |access-date=2025-01-10 |work=The Business Times |pages=1}}{{Cite news |last=Low |first=Ignatius |date=2001-09-29 |title=Wee Cho Yaw will oversee integration of UOB and OUB |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes20010929-1.2.93.35.33 |access-date=2025-01-10 |work=The Straits Times |pages=13}}{{Cite news |last=Koh |first=Edna |date=2001-10-29 |title=Four ex-OUB bankers join UOB top ranks |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes20011029-1.2.49.24.23 |access-date=2025-01-10 |work=The Straits Times |pages=11}}

In May 2003, he retired from UOB, marking the end of a 53-year career in the financial industry.{{Cite news |date=2003-03-01 |title=Top banker Lee Hee Seng to retire |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes20030301-1.2.70.13.43 |access-date=2025-01-10 |work=The Straits Times |pages=31}}{{Cite news |last=Siow |first=Li Sen |date=2003-03-01 |title=UOB chief gives as good as he gets. |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes20030301-1.2.8.1 |access-date=2025-01-10 |work=The Business Times |pages=2}}{{Cite news |date=2003-03-01 |title=李喜盛5月退休 |trans-title=Lee Hee Seng to retire in May |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/lhwb20030301-2.2.20.7 |access-date=2025-01-10 |work=Lianhe Wanbao |pages=13 |language=zh}}

Lee was a Catholic.{{Cite news |last=Chan |first=Robin |date=2012-02-09 |title=An inspiring man 'with a heart of gold' |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes20120209-1.2.16.2 |access-date=2025-01-07 |work=The Straits Times |pages=11}}

Lee was married to Dorothy Tan Siew Choon, and had four children.{{Cite news |date=2012-02-06 |title=Obituaries |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes20120206-1.2.89 |access-date=2025-01-10 |work=The Straits Times |pages=12}} His eldest daughter, Jennifer Lee Gek Choo, was a President's Scholar and served as chief operating officer of the Singapore General Hospital from 1988 to 1991.{{Cite news |date=1998-09-18 |title=From medicine to management |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19980918-1.2.31.2 |access-date=2025-01-10 |work=The Business Times |pages=14}} In October 1999, she was the first non-married woman to serve as a Nominated Member of Parliament (NMP) in the 9th Parliament and 10th Parliament till 2005, making her one of the longest serving NMP.{{Cite news |date=1999-09-12 |title=Jennifer Lee is a 'go for it' new NMP |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19990912-1.2.36.11 |access-date=2025-01-10 |work=The Straits Times |pages=32}}{{Cite news |last=Mahti |first=Braema |date=2001-03-14 |title=Women's issues raised the NMP way |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes20010314-1.2.34.8 |access-date=2025-01-10 |work=The Straits Times |pages=H3}}{{Cite news |date=2014-08-14 |title=10 things you should know about Nominated Members of Parliament |url=https://www.straitstimes.com/singapore/10-things-you-should-know-about-nominated-members-of-parliament |archive-url=https://archive.today/20231231014007/https://www.straitstimes.com/singapore/10-things-you-should-know-about-nominated-members-of-parliament |archive-date=2023-12-31 |work=The Straits Times}}

On 4 February 2012, after battling cancer for nine years, Lee died at the age of 84.{{Cite news |date=2012-02-06 |title=广告 |trans-title=Advertisement |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/lhzb20120206-1.2.28.1 |access-date=2025-01-10 |work=Lianhe Zaobao |pages=22 |language=zh}} The funeral was held at the Church of St. Ignatius, located along King's Road. Archibishop Nicholas Chia celebrated the funeral mass, and described Lee as "a man of faith, integrity and responsibility".

• 80x80px Distinguished Service Order, in 1989.{{Cite news |date=1989-08-09 |title=Hakim dan pengerusi PSC terima pingat tertinggi |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19890809-1.2.4 |access-date=2025-01-07 |work=Berita Harian |pages=1 |language=ms}}{{Cite news |date=1989-08-12 |title=Banker and judge top N-Day awards list |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/stoverseas19890812-1.2.4 |access-date=2025-01-07 |work=The Straits Times |pages=1}}{{Cite news |date=1989-11-11 |title=PSC chairman and judge receive their N-Day awards |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/stoverseas19891111-1.2.9.13 |access-date=2025-01-07 |work=The Straits Times |pages=6}}
• 80x80px Meritorious Service Medal, in 1977.{{Cite news |date=1977-01-29 |title=Pingat kebanggaan bagi pekerja sosial Joko |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/beritaharian19770129-1.2.4 |access-date=2025-01-07 |work=Berita Harian |pages=1 |language=ms}}{{Cite news |last=Lee |first=Philip |date=1977-01-29 |title=Four get nations top service awards |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19770129-1.2.32 |access-date=2025-01-07 |work=The Straits Times |pages=7}}{{Cite news |date=1977-01-29 |title=The Top Four—medals for their services to the nation |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/newnation19770129-1.2.15 |access-date=2025-01-07 |work=New Nation |pages=3}}{{Cite news |date=1977-01-29 |title=The outstanding four... |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19770129-1.2.5 |access-date=2025-01-07 |work=The Business Times |pages=1}}

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{{DEFAULTSORT:Lee, Hee Seng}}

Category:1927 births

Category:2012 deaths

Category:Raffles Institution alumni

Category:Alumni of Henley Management College

Category:20th-century Singaporean businesspeople

Category:Members of the Public Service Commission (Singapore)

Category:Recipients of the Darjah Utama Bakti Cemerlang

Category:Recipients of the Pingat Jasa Gemilang

Category:Singaporean bankers

Category:Singaporean people of Chinese descent

Category:21st-century Singaporean businesspeople

Category:Singaporean chairpersons of corporations

Category:Singaporean Roman Catholics