Lazarus Ipangelwa is the first black managing director of First National Bank of Namibia since March 2003. Holding an MBA from Birmingham University (UK) Ipangelwa was deputy governor of the Bank of Namibia for 5 years until July 2002 after which he joined FNB. "Mr Ipangelwa brings with him an exciting blend of vision and innovation, rounded by a deep understanding of the business and economic challenges facing each and every Namibian," said outgoing MD Stuart Moir. Ipangelwa will handle the merger of FNB with Swabou Bank in the next months, which received its blessing in March from the reserve bank, the Bank of Namibia.