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Dominic Ng

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Dominic Ng
Born1959 (age 64–65)
Hong Kong
Alma materUniversity of Houston
Occupation(s)Chairman, president and CEO, East West Bank and East West Bancorp

Dominic Ng is an American banker. He has served as CEO of Los Angeles–based East West Bank since 1992, and chairman and CEO since 1998, transforming East West from a savings and loan association into an international banking company. In 2023, Ng served as chair of the Asia-Pacific Economic Cooperation Business Advisory Council.

Early life and education

Ng was born in the then-British Hong Kong in 1959, the youngest of six children.[1] He was part of a wave of Hong Kong students who came to the United States to study in the 1970s, and earned a bachelor's degree in accounting from the University of Houston.[2] Ng became a United States citizen in 1988.[3]

Career

Ng began his career as a Certified Public Accountant with Touche Ross in Houston and Los Angeles.[4] In 1992, Ng became East West Bank's president and CEO.[5] At the time, the bank was a $600 million savings and loan association.[6]

Ng expanded on the bank's original mission of financing underserved Chinese immigrants, growing the bank's business internationally.[5][7] He leveraged his Asia connections with mainstream American companies and made East West a commercial bank, allowing it to handle international trade financing.[8]

In 1997, Ng engineered East West Bank's sale in a management-led buyout.[9] He became the bank's chairman that same year.[10] The bank's parent entity, East West Bancorp, went public in 1999.[9] During his tenure, East West has bought nine financial institutions.[11] East West doubled its assets after the purchase of its closest competitor, United Commercial Bank, in 2009.[1][8][11][12] The acquisition expanded East West to Atlanta, Boston, New York, and Seattle.[8]

In 2008, Ng expanded the bank's financing into the entertainment industry.[13] The Hollywood Reporter named him as one of the top U.S. bankers connecting Hollywood film studios to investors in China, helping to arrange fundraising once investment deals are in place.[13] Ng also focuses on real estate, renewable energy, and cross-border business.[14]

By 2024, East West Bank had over 100 locations in the U.S. and Asia, and over $70 billion in assets.[15]

Federal Reserve

From 2005 to 2011, Ng served on the board of directors of the Federal Reserve Bank of San Francisco, Los Angeles Branch.[16]

Asia-Pacific Economic Cooperation Business Advisory Council

In 2022, Ng was appointed by the Biden administration to be a U.S. member of the Asia-Pacific Economic Cooperation Business Advisory Council, and later that year was announced to chair the 2023 APEC summit to be hosted by the U.S.[17] His specific focus included climate change and technology.[17]

Ng's appointment attracted scrutiny from several Republican lawmakers over his connections to China-based organizations.[18][19] Members of the Congressional Asian Pacific American Caucus characterized the scrutiny as racist in nature.[20]

During APEC United States 2023, Ng and other APEC members presented a series of policy recommendations to world leaders.[21] Ng and San Francisco Mayor London Breed also hosted a private welcome reception for the APEC Business Advisory Council.[22]

Philanthropy and community involvement

The Los Angeles Times describes Ng as a "philanthropist banker” and "inclusion practitioner” who promotes civic responsibility.[5] Ng has supported the showcasing of East Asian culture and art by major U.S. institutions,[23][24] including the Los Angeles County Museum of Art, Museum of Contemporary Art, Los Angeles,[25] Huntington Library,[26] Bowers Museum,[27] and USC Pacific Asia Museum.[28]

Ng serves on the boards of Mattel, Inc., the Academy Museum of Motion Pictures, and the University of Southern California, in addition to being a member of the Council on Foreign Relations.[29][30][31]

Ng was a board member of the United Way of Greater Los Angeles, becoming the first Asian-American chair of the United Way campaign in 2000–2001.[32][33] From 2011 to 2014, he served as chairman of the Committee of 100.[34][35] Ng has also served on the boards of PacifiCare Health Systems and the Anderson School at UCLA.[36][33]

Accolades

In 2006, the Los Angeles Times named Ng one of the 100 most influential people in Los Angeles.[37] In 2008, Forbes named Ng as one of 25 notable Chinese Americans in 2008.[38] In 2017, American Banker magazine named Ng its "Consistent Performer" in its Banker of the Year awards, noting East West Bank's credit discipline.[11]

In 2018, the University of Houston dedicated the Dominic & Ellen Ng Academic Center for Excellence to him and his wife.[36] Columbia University's Weatherhead East Asian Institute recognized Ng with its 75th Anniversary Award for Excellence in February 2024.[39]

A 2022 Forbes profile of Ng called him "a business bridge between the U.S. and Asia."[9] American Banker credits Ng for transforming the bank under his leadership.[11] In June 2024, Ng was named to the Los Angeles Times' "L.A. Influential" list, and said that he "champions the durable power of steady growth."[5]

References

  1. ^ a b Lee, Alfred (25 March 2012). "Dominic Ng: MADE IN AMERICA". Los Angeles Business Journal. Archived from the original on 9 October 2023. Retrieved 18 October 2023.
  2. ^ "Dominic Ng". giveto.uh.edu. 17 October 2017. Archived from the original on 2023-08-17. Retrieved 2023-08-16.
  3. ^ Mitchell, Russ (9 April 2023). "The Daily Caller, far-right media outlet, targets Asian business leaders". Los Angeles Times. Archived from the original on 1 September 2023. Retrieved 18 October 2023.
  4. ^ "East West Bancorp Inc (EWBC:NASDAQ GS)", Bloomberg Businessweek, July 2, 2012
  5. ^ a b c d "Dominic Ng: Philanthropist banker, inclusion practitioner". Los Angeles Times. 2024-06-16. Retrieved 2024-07-01.
  6. ^ Kline, Alan (2022-02-16). "Who are banking's longest-tenured CEOs?". American Banker. Retrieved 2024-06-21.
  7. ^ "Bank betting on growth of Asian business". Las Vegas Business Press. 2016-06-06. Retrieved 2024-07-25.
  8. ^ a b c Chen, Liyan (January 19, 2016). "Meet The Chinese American Bank That Wants To Become Wells Fargo". Forbes. Archived from the original on 2023-12-22. Retrieved 2023-12-22.
  9. ^ a b c Flannery, Russell (18 August 2022). "Asia Niche Will Help East West Bank Weather U.S. Economic Downturn, CEO Dominic Ng Says". Forbes. Archived from the original on 12 November 2023. Retrieved 19 October 2023.
  10. ^ "East West Bank CEO: films, art can bring together China, the US". South China Morning Post. 2019-04-04. Archived from the original on 2023-12-15. Retrieved 2023-12-15.
  11. ^ a b c d Berry, Kate (2017-11-29). "Consistent Performer: How Dominic Ng built East West into a powerhouse". American Banker. Retrieved 2024-06-21.
  12. ^ Reckard, E. Scott (2009-11-07). "United Commercial Bank is shut down, sold to East West Bancorp". Los Angeles Times. Retrieved 2024-06-21.
  13. ^ a b Bruno, Joe Bel (2016-03-03). "L.A.'s Mystery Banker Behind Hollywood's China Money". The Hollywood Reporter. Archived from the original on 2023-09-18. Retrieved 2023-09-13. But his professional move into entertainment came right after the 2008 financial crisis, when pretty much every big New York and European bank retrenched or abandoned movie financing.
  14. ^ Chen, Liyan. "Meet The Chinese American Bank That Wants To Become Wells Fargo". Forbes. Retrieved 2024-07-25.
  15. ^ Min, Sarah (2024-05-31). "How East West Bancorp has gained an edge by serving the Asian American community". CNBC. Retrieved 2024-06-21.
  16. ^ "LA 500: Dominic Ng". Los Angeles Business Journal. 17 August 2017. Archived from the original on 12 November 2023. Retrieved 19 October 2023.
  17. ^ a b Dobbs, Jim (2022-11-29). "East West Bank CEO to focus on climate, tech in heading global trade council". American Banker. Archived from the original on 2024-01-04. Retrieved 2024-01-04.
  18. ^ Mueller, Julia (February 15, 2023). "House Republicans ask FBI to investigate Biden appointee over potential Espionage Act violations". The Hill. Archived from the original on 29 March 2023. Retrieved 29 March 2023.
  19. ^ Scott, Eugene (February 25, 2023). "Democrats call on GOP to condemn Lance Gooden comments about Judy Chu". Axios. Archived from the original on December 6, 2023. Retrieved April 12, 2024.
  20. ^ Richards, Zoë (23 February 2023). "Rep. Judy Chu hits back at Texas Republican over 'racist' remarks questioning her loyalty to U.S." NBC News. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
  21. ^ Wolfrom, Jessica (2023-11-14). "What business leaders want APEC to discuss". San Francisco Examiner. Retrieved 2024-06-25.
  22. ^ Goard, Alyssa (2023-11-13). "APEC parties welcome global leaders in business, policy to San Francisco". KNTV. Archived from the original on 2024-01-04. Retrieved 2024-01-04.
  23. ^ Pogrebin, Robin (28 February 2024). "Frieze Los Angeles Opens Amid Attention to Asian Artists". The New York Times. Archived from the original on 2024-03-21. Retrieved 2024-03-21.
  24. ^ "The Weatherhead East Asian Institute Turns 75". Columbia News. 2024-03-20. Archived from the original on 2024-03-21. Retrieved 2024-03-21.
  25. ^ Muchnic, Suzanne (2007-08-29). "MOCA's Chinese future". Los Angeles Times. Archived from the original on 2023-02-27. Retrieved 2023-02-27.
  26. ^ "Huntington Library's new garden celebrates Chinese culture". Los Angeles Times. 2008-02-17. Archived from the original on 2023-02-27. Retrieved 2023-02-27.
  27. ^ "Bowers Museum of Cultural Arts get $1 million gift". Orange County Register. 2005-12-12. Archived from the original on 2023-02-27. Retrieved 2023-02-27.
  28. ^ "USC Pacific Asia Museum’s Autumn Moon Gala honors Dominic Ng" Archived 2020-07-05 at the Wayback Machine, USC News , Nov. 17, 2014
  29. ^ Keegan, Rebecca (2021-09-23). "Barbra Streisand, Ted Sarandos, Nicole Avant and the Katzenbergs on Helping Fund the $484M Academy Museum". The Hollywood Reporter. Archived from the original on 2024-03-29. Retrieved 2024-03-29.
  30. ^ Medzerian, David (2022-07-26). "USC Trustee Dominic Ng to chair key business advisory effort". USC Today. Archived from the original on 2024-03-20. Retrieved 2024-03-20.
  31. ^ "LA500 2023: Dominic Ng". Los Angeles Business Journal. 2023-06-06. Retrieved 2024-05-22.
  32. ^ "CEO of Pasadena-Headquartered East West Bank Appointed to Advisory Council – Pasadena Now". Pasadena Now. Archived from the original on 2024-03-20. Retrieved 2024-03-20.
  33. ^ a b Reckard, E. Scott (2007-08-05). "Banking on the American dream". Los Angeles Times. Archived from the original on 2023-12-15. Retrieved 2024-03-20.
  34. ^ "Dominic Ng". Los Angeles Business Journal. 30 July 2018. Archived from the original on 5 February 2023. Retrieved 18 October 2023.
  35. ^ "Dominic Ng completes term as C-100 chairman". China Daily. April 28, 2014. Archived from the original on 2022-12-09. Retrieved 2023-10-18.
  36. ^ a b "LA500 2024: Dominic Ng". Los Angeles Business Journal. 2024-06-05. Retrieved 2024-06-25.
  37. ^ Archives, L. A. Times (2006-08-13). "The West 100". Los Angeles Times. Retrieved 2024-07-25.
  38. ^ Flannery, Russell. "In Pictures: 25 Notable Chinese-Americans". Forbes. Retrieved 2024-05-22.
  39. ^ Pallares, Daniela Ospino. "Weatherhead East Asian Institute celebrates 75th anniversary with gala". Columbia Daily Spectator. Archived from the original on 2024-03-29. Retrieved 2024-03-29.
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