With Dominic Ng at the Helm, East West Bank Overcomes Challenges, Emerges as Largest California Bank

For Dominic Ng, Chairman and CEO of Pasadena-headquartered East West Bank, 2023 has been a bumpy ride.

The year started off with a shock.

In February, he found himself at the center of controversy when conservative media and politicians accused him of being a Chinese agent with ties to the Chinese Communist Party. These allegations were denounced by the Congressional Asian Pacific American Caucus as racial profiling, and East West Bank swiftly defended Ng, asserting that the accusations were baseless and untrue.

Then came the banking crisis — the most devastating since 2008.

The crisis began in March 2023 and was marked by the rapid failure of three small to mid-size U.S. banks, which triggered a sharp decline in global bank stock prices and within days pushed a number of banks to the edge of collapse.

When the regional banking turmoil subsided, East West Bank emerged as the largest surviving California-chartered bank, experiencing a 2% growth in its deposit base, which amounts to an increase of $921.4 million. 

Ng credits the bank’s swift recovery to the trust that customers have been showing  the bank through the years. 

“Ultimately, our customers keep us grounded and focused because everything we do is in the service of our customers and our community,” Ng told Pasadena Now. 

“Throughout this spring’s banking turbulence, we maintained our philosophy of high-touch customer service and worked with them to address any concerns. Baseless claims are irresponsible and only serve to foster doubt and mistrust. I’m focused on building bridges and fostering understanding and cooperation between different peoples and cultures.” 

With total assets of $68.5 billion, East West Bank is presently the only bank in California that has assets exceeding $50 billion.

Ng said the bank’s strong liquidity and capital helped to set it up for success amid the regional banking turbulence. 

“We are stronger than many large money center banks and our peer regional banks in terms of capital ratios, liquidity and profitability,” he said. “Our deposits and loans are well diversified, so we are not at risk if a few large customers withdraw their money, or if credit or another issue arises in any one area of our portfolio.” 

He adds that the bank’s deposit base is granular, with over 500,000 deposit accounts and an average account size of under $100,000. 

“Our footprint is also well spread out by geography,” Ng said. “Along with our strong culture and values, these factors enable us to successfully navigate changing economic conditions.” 

The bank has also been recognized for its robust performance in recent years. For 2023, East West Bank earned the top spot in Bank Director’s RankingBanking study in the $50 billion and above asset category. It was also designated as the Best Board in the 2022 RankingBanking study and ranked as the top performing bank in the $50 billion and above asset category in the 2021 Bank Performance Scorecard.

Dominic Ng was appointed as the Chair of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) when the U.S. hosted APEC this year. He was personally selected by President Joe Biden for the role. 

As Chair, Ng will collaborate closely with other ABAC members to provide recommendations to APEC leaders reflecting the perspectives of key stakeholders in the Asia Pacific region. ABAC plays a vital role in advising APEC leaders on issues influencing the region’s economy.

Ng acknowledges that East West Bank’s values of connecting the East and West and enriching their customers’ experience are things that brings to the table every day in his role as ABAC chair. At the same time, he knows his ABAC role will somehow help the bank as well as the U.S. business community in general. 

“Learning about the 21 economies in APEC has provided valuable perspectives to better support both our customers and the broader business community in the United States,” he said. “My involvement in APEC helps to deepen East West’s multicultural knowledge and intricate understanding of global and local markets. That enables the bank to play a dynamic role in helping customers build cross-border relationships and realize business opportunities.” 

APEC will hold its 2023 Leaders Meeting on Nov. 12 in San Francisco, which will serve as a platform for heads of state and business leaders from APEC’s 21 member economies to convene. 

Ng said ABAC is in the process of finalizing recommendations to help member economies grow in a balanced way. He said the focus is on three key areas: trade and investment, innovation and digitalization, and sustainability and inclusive growth.

“We support and encourage APEC leaders to consider new initiatives, particularly as it relates to digital services, services that support e-commerce, and essential services,” he said. “We should also promote policies that expand economic opportunity by increasing access to training, technology, capital, and other tools that enable people to contribute to regional growth.” 

Since joining the Bank in 1991, Ng has led in transforming East West from a federally chartered savings and loan association with $600 million in assets, into a global full-service commercial bank today with assets of over $68 billion. 

Looking ahead, he said the bank will remain focused on being a customer-centric bank with local decision making, informed by global expertise. 

“We will continue to offer services that customers would be hard pressed to find at a large banking institution and provide the high-touch level of customer service of a relationship-focused bank,” Ng said.