South Korea expects to take 4-5% stake in China-led AIIB

[SEOUL] South Korea expects to take a stake of 4 per cent to 5 per cent in the China-led Asian Infrastructure Investment Bank (AIIB), in which it is seeking to be a founding member, a deputy finance minister said on Monday.

South Korea also seeks to play an important role in the management of the proposed bank, deputy minister Choi Hee-nam said on radio, noting that the senior management positions had yet to be discussed. "Stakes of the individual members will be decided based on economic size and other factors, and it looks like (South Korea's stake) will be 4 to 5 per cent," Mr Choi said on the KBS public radio channel.

He said South Korea has a 5.1 per cent stake in the Asian Development Bank, which is dominated by the United States and Japan and to which the AIIB will likely be a major challenge.

Despite opposition from the United States, most of its allies including Britain, Germany and France have already applied to be founding members of the AIIB, which is expected to be formally established later this year or early next year.

REUTERS