The Agribank Board of Directors announced the extension of the current bank's Chief Executive Officer Ambassador Leonard Iipumbu for a period of 15 months that started in May and ending next year July.
The current networth of the Agricultural Bank of Namibia (Agribank) stands at N$1.8 billion in a period of 10 years from N$672 million in 2004.
Agribank's growth and performance of the loan book averaged to 8.5% in the period under review.
Agribank Board Chairperson Terttu Uuyuni said Iipumbu joined Agribank in February 2005 after serving as a Namibian ambassador to the French Republic and the United States of America respectively spanning over 14 years.
"During his 10 year tenure at Agribank, Amb. Iipumbu transformed the bank into a more versatile and responsive financial institution in order to meet the bank mandate of promoting agriculture or activities related to agriculture by lending money or financial intermediaries for purposes related to the development of the agricultural industry," Uuyuni said.
Uuyuni said she is confident that Uuyuni will lead the bank forward and fullfill the bank's mandate, in addition to the bank's business strategic intent to aid the country in reducing poverty.
"The board of directors extends their congratulations to Amb. Iipumbu and wish him well and success in his endeavour," Uuyuni added.