AIIB seeks replacement of Hong Kyttack

[THE INVESTOR] The Asian Infrastructure Investment Bank is expected to start searching for a replacement for Hong Kyttack, one of its chief risk officers, as soon as the bank president Jin Liqun returns from an overseas business trip this month.

Hong had been serving as chief risk officer for just a few months before he came under fire in Korea for exposing the inadequacy of state-run Korea Development Bank, at which he had previously served as president. 

AIIB was not available for comment.

There are a total of five CROs at the bank, including Hong who will be permitted to take his six-month leave in full, according to AIIB. After that, he will quit the organization.

South Korean authorities have said they would do their best to place another Korean in the bank, but the chances seem slim as Hong was forced to leave over negative developments at his home country.

“We will focus on maximizing Korea’s national interest,” said Vice Finance Minister Choi Sang-mok.

There are also other high-priority members such as Russia that are making significant contributions to the bank that are seeking to join the executive leadership.

By Kim Ji-hyun (jemmie@heraldcorp.com)