The head of a South Korean policy lender has been appointed a vice president of the China-led Asian Infrastructure Investment Bank (AIIB), the finance ministry here said Wednesday.
Hong Ky-ttack, the president of state-run Korea Development Bank, will serve as the chief risk officer of the AIIB. The new bank has five vice presidents.
He will start his three-year tenure after the AIIB sets the exact inauguration schedule, according to the ministry.
It is the first time in 13 years for South Korea to take a vice presidency post in an international financial institution.
The AIIB was formally launched on Jan. 16, with 57 founding members including South Korea, in a bid to promote economic growth in the Asian region by supporting infrastructure investment.
South Korea has a 3.81-percent stake, the fifth-largest among member countries. (Yonhap)