SINGAPORE, March 30  -- South Korean President Park Geun-hye on Sunday called for close consultation between Seoul and Beijing for the success of the China-proposed Asian Infrastructure Investment Bank (AIIB).

Park made the remarks while meeting with Chinese Vice President Li Yuanchao at a reception hosted by Singaporean Prime Minister Lee Hsien Loong for dozens of leaders and dignitaries who came here for the funeral of Lee's father, Lee Kuan Yew.

Park's comments came three days after South Korea agreed to join the regional development bank as a founding member.

The AIIB is a China-initiated international financial institution aimed at supporting infrastructure projects in Asia. It is expected to be formally established by the end of this year.

The application deadline is March 31 and the founding members will be confirmed on April 15.