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KDB chief tapped as AIIB vice president

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.

Hong Ky-ttack
Hong Ky-ttack

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)

Korea Herald daum