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

Dominic Ng (simplified Chinese: 吴建民; traditional Chinese: 吳建民; pinyin: Wú Jiànmín) is an American banker. He has served as president and CEO of Los Angeles–based East West Bank since 1992, and chairman and CEO since 1998, transforming it into a full-service banking company. In 2022, Ng was appointed by the Biden administration to be a U.S. member 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] His parents had lost most of their property after the Chinese Civil War and fled the Communist takeover of Shanghai to move to Hong Kong in 1949.[1][2] In Hong Kong, his father operated a bus transport business, while his mother ran a small business sewing school uniforms.[1][2]

Ng 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.[1][3] He became a United States citizen in 1988.[4]

Career

Ng began his career as a Certified Public Accountant with Touche Ross in Houston and Los Angeles.[1][5] He was the head of the China business practice in the Los Angeles office. One of his clients convinced him to head up its investment company, Seyen Investment Inc., in 1990. He helped Seyen purchase East West Bank.[1]

In 1992, Ng became East West Bank's third president and CEO.[6][7] He transformed East West Bank into a full-service banking company with dozens of branches in the United States.[8] In 1997, Ng engineered East West Bank's sale in a management-led buyout, which raised $238 million in 1998.[9] He became the bank's chairman that same year.[10] Overcoming Asia's financial crisis, the bank went public in 1999.[9]

As CEO of East West Bank, Ng built a reputation for diversifying the bank's portfolio, including entertainment.[6][11] 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.[11] He is also involved in real estate, renewable energy, and other sectors.[12]

In 2006, the Los Angeles Times named him as one of the 100 most powerful people in Southern California.[13] In 2010, Forbes listed him as one of 25 notable Chinese-Americans, noting the survival of the Chinese-American bank after the 2008 financial crisis.[14] Forbes has also described Ng as “a business bridge between the U.S. and Asia.”[15]

As of 2023, East West Bank is the largest California-chartered bank, with total assets of $68.5 billion.[16] That same year, the bank earned the top spot in Bank Director’s RankingBanking study in the $50 billion and above asset category.[17]

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,[18] and later that year was announced to chair the 2023 APEC summit to be hosted by the U.S.[18] His specific focus included climate change and technology.[19]

Ng's appointment attracted scrutiny from some Republican lawmakers over his connections to China-based organizations. In February 2023, six Republican representatives led by Lance Gooden asked the Federal Bureau of Investigation (FBI) to investigate Ng's ties to alleged front organizations of the Chinese Communist Party's United Front Work Department, the China Overseas Exchange Association (COEA) and the China Overseas Friendship Association (COFA) after The Daily Caller reported him as an executive director of both organizations.[20][21] A spokesperson for East West Bank described Ng's position with the COEA, whose invitation was accepted in 2013, as being strictly honorary and involving no attendance and stated that Ng had never accepted any position with the COFA.[20] Ng said he has never paid dues or accepted any renumeration from the COEA and withdrew from it after 2014.[21]

Several members of the Congressional Asian Pacific American Caucus characterized the request for investigation as being racist in nature.[22] Judy Chu stated, "Dominic Ng, who is Chinese American, has undergone an extensive vetting process and sworn an oath to support and defend the Constitution and serve the American public."[23]

During APEC United States 2023, Ng and San Francisco Mayor London Breed hosted a private welcome reception for the APEC Business Advisory Council.[24]

Advocacy work

Ng has advocated for and sponsored the showcasing of Chinese culture and art by major U.S. institutions, including Los Angeles County Museum of Art, the Museum of Contemporary Art, Los Angeles,[25] Huntington Library,[26] Bowers Museum,[27] and the USC Pacific Asia Museum.[28]

From 2005 to 2011, Ng served on the board of directors of the Federal Reserve Bank of San Francisco, Los Angeles Branch.[29] From 2011 to 2014, Ng served as chairman of the Committee of 100, an organization of Chinese Americans seeking to address partnership between China and the United States.[30][31]

References

  1. 1 2 3 4 5 6 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. 1 2 Flannery, Russell (18 August 2022). "Asia Niche Will Help East West Bank Weather U.S. Economic Downturn, CEO Dominic Ng Says". Forbes. Retrieved 19 October 2023.
  3. ↑ "Dominic Ng". giveto.uh.edu. 17 October 2017. Archived from the original on 2023-08-17. Retrieved 2023-08-16.
  4. ↑ 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.
  5. ↑ "East West Bancorp Inc (EWBC:NASDAQ GS)", Bloomberg Businessweek, July 2, 2012
  6. 1 2 Brock, James (2023-05-15). "Dominic Ng: Transforming East West Bank". Los Angeles Business Journal. Retrieved 2023-12-22.
  7. ↑ "Board of Directors | Dominic Ng | Mattel, Inc". corporate.mattel.com. Retrieved 2023-12-22.
  8. ↑ Reckard, Scott E. "Banking on the American dream". Los Angeles Times.
  9. 1 2 Flannery, Russell. "Asia Niche Will Help East West Bank Weather U.S. Economic Downturn, CEO Dominic Ng Says". Forbes. Retrieved 2023-12-15.
  10. ↑ "East West Bank CEO: films, art can bring together China, the US". South China Morning Post. 2019-04-04. Retrieved 2023-12-15.
  11. 1 2 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.
  12. ↑ Chen, Liyan. "Meet The Chinese American Bank That Wants To Become Wells Fargo". Forbes. Retrieved 2023-12-22.
  13. ↑ "The West 100". Los Angeles Times. 2006-08-13. Retrieved 2023-12-18.
  14. ↑ Flannery, Russell (July 30, 2010). "Marvell Technology's Mobile Connector". Forbes. Retrieved 2023-12-18.
  15. ↑ Flannery, Russell. "Asia Niche Will Help East West Bank Weather U.S. Economic Downturn, CEO Dominic Ng Says". Forbes. Retrieved 2023-12-27.
  16. ↑ Kamisher, Eliyahu; Bloomberg, Max Reyes (2023-08-23). "With 'everybody else' dead or gone, a Pasadena bank grows". Los Angeles Times. Retrieved 2023-12-27.
  17. ↑ "With Dominic Ng at the Helm, East West Bank Overcomes Challenges, Emerges as Largest California Bank – Pasadena Now". www.pasadenanow.com. Retrieved 2023-12-27.
  18. 1 2 "Dominic Ng Appointed to Chair APEC Business Advisory Council During U.S. Host Year in 2023" (Press release). U.S. Department of State. 25 July 2022. Archived from the original on 2023-03-30. Retrieved 2023-03-29.
  19. ↑ "East West Bank CEO to focus on climate, tech in heading global trade council". American Banker. 2022-11-29. Retrieved 2024-01-04.
  20. 1 2 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.
  21. 1 2 Huang, Josie (28 March 2023). "Prominent LA Chinese Americans Are Fighting Disloyalty Claims From The Right". LAist. Retrieved 24 October 2023.
  22. ↑ 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.
  23. ↑ "House China panel leaders defend Rep. Judy Chu after Texas Republican's attack". NBC News. 2023-02-27. Retrieved 2023-11-27.
  24. ↑ Goard, Alyssa (2023-11-13). "APEC parties welcome global leaders in business, policy to San Francisco". KNTV. Retrieved 2024-01-04.
  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. ↑ "LA 500: Dominic Ng". Los Angeles Business Journal. 17 August 2017. Retrieved 19 October 2023.
  30. ↑ "Dominic Ng". Los Angeles Business Journal. 30 July 2018. Archived from the original on 5 February 2023. Retrieved 18 October 2023.
  31. ↑ "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.
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