Wee later said in an interview that he would have bid for OUB regardless of Lien's response, as the acquisition was vital to the survival of UOB. In the mid-2000s, Wee faced a challenge to maintain his family's control over various companies in the UOB group amid a restructuring of the companies’ interlocking shareholdings. This situation arose after the government mandated that banks would have to reduce their shareholdings in non-core businesses to stipulated levels. As companies such as United Overseas Land (UOL), Overseas Union Enterprise (OUE), United Industrial Corporation (UIC) and Haw Par Corporation held stakes in UOB and vice versa, the loss of any one would weaken the Wee family's control of the group and even the core business of UOB. Wee however managed to fend off a bid for UOL from government investment company Temasek Holdings as well as maintain control of UIC, after Filipino billionaire John Gokongwei’s failed takeover attempt. In November 2006, Wee received the inaugural Credit Suisse-Ernst & Young Lifetime Achievement Award for his pioneering work in Singapore's financial industry. A newspaper report then named him the best paid local banking executive, with a remuneration of between S$9 million and S$9.25 million in 2006. At UOB's 65th annual meeting in April 2007, Wee stepped down as the bank's chief executive officer and was succeeded by his eldest son Ee Cheong. He remained as chairman of UOB, which he had grown into Singapore's largest bank by market capitalisation with more than 500 branches and offices in 18 countries. In 1969, Wee was appointed to the Economic Development Board and the Currency Board, and as chairman of the Singapore Science Centre board the following year. He was also elected as the first president of the Singapore Chinese Chamber of Commerce (later Singapore Chinese Chamber of Commerce and Industry (SCCCI)) in 1971 and served for two separate terms. He is honorary president at SCCCI. In 1972, he was head and spokesman of the ASEAN Chambers of Commerce and Industry. Wee also headed the Hokkien Huay Kuan (clan association) from 1972 to 2010, and was founding president of the Singapore Federation of Chinese Clan Associations (SFCCA), an umbrella group for 190 associations, from 1985 to 2010. Wee was also a prime mover in the formation of the Chinese Development Assistance Council (CDAC) in 1992 and became chairman of its board of trustees.