The Indonesia-based owners of California's East West Bank have sold it to a group of mostly U.S. investors for an undisclosed sum.

About 150 institutional investors and "high-net-worth" individuals bought the stock in a private placement that closed late last week, Dominic Ng, president and chief executive officer at East West, said Monday. The sale was completed in less than three weeks and no investor accumulated more than 9.9% of stock, he said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.