Korea Development Bank(KDB) Chairman and CEO Hong Ky-ttack will serve as one of the five vice presidents of the China-led Asian Infrastructure Investment Bank(AIIB).
 
The Ministry of Strategy and Finance said Wednesday that the AIIB Board of Directors approved the selection of Hong for the post of Chief Risk Officer.
 
Earlier on January 20, AIIB President Jin Liqun recommended Hong as a vice president to the Board of Directors.
 
Hong has been the KDB head since 2013. He will serve a three-year term in the AIIB’s secretariat in Beijing.
 
It is the first time in 13 years for a South Korean to assume the post of vice president at an international financial organization.

South Korea has a share of three-point-81 percent, or the fifth largest, in the AIIB. China has the largest share with 30-point-34 percent, followed by India, Russia and Germany.