Dominic Ng Explained

Dominic Ng
Birth Place:Hong Kong
Occupation:Chairman, president and CEO, East West Bank and East West Bancorp
Alma Mater:University of Houston

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. 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.[7] He leveraged his Asia connections with mainstream American companies and made East West a commercial bank, allowing it to handle international trade financing.

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

In 2008, Ng expanded the bank's financing into the entertainment industry. 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. 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. 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]

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.

In 2018, the University of Houston dedicated the Dominic & Ellen Ng Academic Center for Excellence to him and his wife. 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." American Banker credits Ng for transforming the bank under his leadership. 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."

Notes and References

  1. News: Lee . Alfred . 25 March 2012 . Dominic Ng: MADE IN AMERICA . . 18 October 2023 . 9 October 2023 . https://web.archive.org/web/20231009135653/https://labusinessjournal.com/finance/banks/dominic-ng-made-america/ . live .
  2. Web site: Dominic Ng . 2023-08-16 . giveto.uh.edu . 17 October 2017 . 2023-08-17 . https://web.archive.org/web/20230817001727/https://giveto.uh.edu/stories/dominic-ng-former-tutor-guest-coach-and-diversity-champion/ . live .
  3. News: Mitchell . Russ . 9 April 2023 . The Daily Caller, far-right media outlet, targets Asian business leaders . . 18 October 2023 . 1 September 2023 . https://web.archive.org/web/20230901004044/https://www.latimes.com/business/story/2023-04-09/daily-caller-walter-wang-dominic-ng-us-china . live .
  4. https://archive.today/20130118170015/http://investing.businessweek.com/research/stocks/people/person.asp?personId=396682&ticker=EWBC:US "East West Bancorp Inc (EWBC:NASDAQ GS)"
  5. Web site: 2024-06-16 . Dominic Ng: Philanthropist banker, inclusion practitioner . 2024-07-01 . . en-US.
  6. Web site: Kline . Alan . 2022-02-16 . Who are banking's longest-tenured CEOs? . 2024-06-21 . . en.
  7. Web site: 2016-06-06 . Bank betting on growth of Asian business . 2024-07-25 . Las Vegas Business Press . en-US.
  8. News: Flannery . Russell . 18 August 2022 . Asia Niche Will Help East West Bank Weather U.S. Economic Downturn, CEO Dominic Ng Says . live . https://web.archive.org/web/20231112084609/https://www.forbes.com/sites/russellflannery/2022/08/18/asia-niche-will-help-east-west-bank-weather-us-economic-downturn-ceo-dominic-ng-says/ . 12 November 2023 . 19 October 2023 . . en.
  9. Web site: 2019-04-04 . East West Bank CEO: films, art can bring together China, the US . 2023-12-15 . . en . 2023-12-15 . https://web.archive.org/web/20231215163415/https://www.scmp.com/business/companies/article/3004596/bank-ceo-says-better-cultural-understand-can-bring-china-us . live .
  10. Web site: Chen . Liyan . January 19, 2016 . Meet The Chinese American Bank That Wants To Become Wells Fargo . live . https://web.archive.org/web/20231222172123/https://www.forbes.com/sites/liyanchen/2016/01/19/meet-the-chinese-american-bank-that-wants-to-become-wells-fargo/ . 2023-12-22 . 2023-12-22 . . en.
  11. Web site: Berry . Kate . 2017-11-29 . Consistent Performer: How Dominic Ng built East West into a powerhouse . 2024-06-21 . . en.
  12. Web site: Reckard . E. Scott . 2009-11-07 . United Commercial Bank is shut down, sold to East West Bancorp . 2024-06-21 . . en-US.
  13. Web site: Bruno . Joe Bel . 2016-03-03 . L.A.'s Mystery Banker Behind Hollywood's China Money . live . https://web.archive.org/web/20230918034841/https://www.hollywoodreporter.com/news/general-news/las-mystery-banker-behind-hollywoods-871653/ . 2023-09-18 . 2023-09-13 . . en-US . 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. Web site: Chen . Liyan . Meet The Chinese American Bank That Wants To Become Wells Fargo . 2024-07-25 . Forbes . en.
  15. Web site: Min . Sarah . 2024-05-31 . How East West Bancorp has gained an edge by serving the Asian American community . 2024-06-21 . . en.
  16. News: 17 August 2017 . LA 500: Dominic Ng . live . https://web.archive.org/web/20231112084608/https://labusinessjournal.com/news/weekly-news/la-500-dominic-ng/ . 12 November 2023 . 19 October 2023 . Los Angeles Business Journal.
  17. Web site: Dobbs . Jim . 2022-11-29 . East West Bank CEO to focus on climate, tech in heading global trade council . live . https://web.archive.org/web/20240104142159/https://www.americanbanker.com/news/east-west-bank-ceo-to-focus-on-climate-tech-in-heading-global-trade-council . 2024-01-04 . 2024-01-04 . . en.
  18. News: Mueller . Julia . February 15, 2023 . House Republicans ask FBI to investigate Biden appointee over potential Espionage Act violations . live . https://web.archive.org/web/20230329150849/https://thehill.com/homenews/administration/3860260-house-republicans-ask-fbi-to-investigate-biden-appointee-over-potential-espionage-act-violations/ . 29 March 2023 . 29 March 2023 . The Hill.
  19. News: Scott . Eugene . February 25, 2023 . Democrats call on GOP to condemn Lance Gooden comments about Judy Chu . live . https://web.archive.org/web/20231206103426/https://www.axios.com/2023/02/25/lance-gooden-judy-chu-dominic-ng-china . December 6, 2023 . April 12, 2024 . Axios.
  20. News: Richards . Zoë . 23 February 2023 . Rep. Judy Chu hits back at Texas Republican over 'racist' remarks questioning her loyalty to U.S. . live . https://web.archive.org/web/20230331001750/https://www.nbcnews.com/politics/congress/rep-judy-chu-hits-back-texas-republican-racist-remarks-questioning-loy-rcna72096 . 31 March 2023 . 31 March 2023 . NBC News.
  21. Web site: Wolfrom . Jessica . 2023-11-14 . What business leaders want APEC to discuss . 2024-06-25 . . en.
  22. Web site: Goard . Alyssa . 2023-11-13 . APEC parties welcome global leaders in business, policy to San Francisco . 2024-01-04 . . en-US . 2024-01-04 . https://web.archive.org/web/20240104160613/https://www.nbcbayarea.com/news/local/apec-parties-san-francisco/3369282/ . live .
  23. News: Pogrebin . Robin . 28 February 2024 . Frieze Los Angeles Opens Amid Attention to Asian Artists . live . https://web.archive.org/web/20240321160309/https://www.nytimes.com/2024/02/28/arts/design/frieze-los-angeles-asian-artists.html . 2024-03-21 . 2024-03-21 . The New York Times.
  24. Web site: 2024-03-20 . The Weatherhead East Asian Institute Turns 75 . 2024-03-21 . Columbia News . en . 2024-03-21 . https://web.archive.org/web/20240321160311/https://news.columbia.edu/news/weatherhead-east-asian-institute-turns-75 . live .
  25. News: Muchnic . Suzanne . 2007-08-29 . MOCA's Chinese future . 2023-02-27 . . en-US . 2023-02-27 . https://web.archive.org/web/20230227153848/https://www.latimes.com/archives/la-xpm-2007-aug-29-et-moca29-story.html . live .
  26. News: 2008-02-17 . Huntington Library's new garden celebrates Chinese culture . 2023-02-27 . . en-US . 2023-02-27 . https://web.archive.org/web/20230227153846/https://www.latimes.com/local/la-me-gardens17feb17-story.html . live .
  27. News: 2005-12-12 . Bowers Museum of Cultural Arts get $1 million gift . 2023-02-27 . . en-US . 2023-02-27 . https://web.archive.org/web/20230227153848/https://www.ocregister.com/2005/12/12/bowers-museum-of-cultural-arts-get-1-million-gift/ . live .
  28. https://news.usc.edu/71285/usc-pacific-asia-museums-autumn-moon-gala-honors-dominic-ng/ "USC Pacific Asia Museum’s Autumn Moon Gala honors Dominic Ng"
  29. Web site: Keegan . Rebecca . 2021-09-23 . Barbra Streisand, Ted Sarandos, Nicole Avant and the Katzenbergs on Helping Fund the $484M Academy Museum . live . https://web.archive.org/web/20240329181830/https://www.hollywoodreporter.com/movies/movie-features/academy-museum-donors-barbra-streisand-ted-sarandos-katzenbergs-1235017481/ . 2024-03-29 . 2024-03-29 . . en-US.
  30. Web site: Medzerian . David . 2022-07-26 . USC Trustee Dominic Ng to chair key business advisory effort . live . https://web.archive.org/web/20240320222753/https://today.usc.edu/usc-trustee-dominic-ng-to-chair-key-government-business-advisory-effort/ . 2024-03-20 . 2024-03-20 . USC Today . en-US.
  31. Web site: 2023-06-06 . LA500 2023: Dominic Ng . 2024-05-22 . Los Angeles Business Journal . en-US.
  32. Web site: CEO of Pasadena-Headquartered East West Bank Appointed to Advisory Council – Pasadena Now . live . https://web.archive.org/web/20240320223743/https://www.pasadenanow.com/main/ceo-of-pasadena-headquartered-east-west-bank-appointed-to-advisory-council . 2024-03-20 . 2024-03-20 . Pasadena Now.
  33. Web site: Reckard . E. Scott . 2007-08-05 . Banking on the American dream . live . https://web.archive.org/web/20231215161915/https://www.latimes.com/archives/la-xpm-2007-aug-05-fi-nusunprofile5-story.html . 2023-12-15 . 2024-03-20 . . en-US.
  34. News: 30 July 2018 . Dominic Ng . . 18 October 2023 . 5 February 2023 . https://web.archive.org/web/20230205005544/https://labusinessjournal.com/news/dominic-ng/ . live .
  35. Web site: April 28, 2014 . Dominic Ng completes term as C-100 chairman . 2023-10-18 . . 2022-12-09 . https://web.archive.org/web/20221209162428/https://usa.chinadaily.com.cn/2014-04/28/content_17469068.htm . live .
  36. Web site: 2024-06-05 . LA500 2024: Dominic Ng . 2024-06-25 . . en-US.
  37. Web site: Archives . L. A. Times . 2006-08-13 . The West 100 . 2024-07-25 . Los Angeles Times . en-US.
  38. Web site: Flannery . Russell . In Pictures: 25 Notable Chinese-Americans . 2024-05-22 . Forbes . en.
  39. Web site: Pallares . Daniela Ospino . Weatherhead East Asian Institute celebrates 75th anniversary with gala . live . https://web.archive.org/web/20240329182142/https://www.columbiaspectator.com/news/2024/02/05/weatherhead-east-asian-institute-celebrates-75th-anniversary-with-gala/ . 2024-03-29 . 2024-03-29 . Columbia Daily Spectator.

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