Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On January 1, 2022, the Board of Directors of East West Bancorp, Inc. (the "Company") appointed Manuel P. Alvarez as a director of the Company. Mr. Alvarez was also appointed to the Board of Directors of the Company's wholly-owned subsidiary, East West Bank. The appointment is effective immediately. Mr. Alvarez will be a member of the Risk Oversight Committee of both the Company and East West Bank. With this appointment, the Company will have nine directors, eight of whom are independent, including Mr. Alvarez. Mr. Alvarez will receive cash and equity compensation in accordance with the Company's non-employee director compensation program described in the definitive proxy statement for the Company's 2021 Annual Meeting of Shareholders, which was filed with the U.S. Securities and Exchange Commission on April 15, 2021, the amount of which will be prorated from the date of his appointment.

There are no arrangements or understandings between Mr. Alvarez and any other person pursuant to which Mr. Alvarez was selected as a director, and there are no transactions in which the Company is a party and in which Mr. Alvarez has a material interest subject to disclosure under Item 404(a) of Regulation S-K.

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