“Mr Moloto and Mr Nchocho bring extensive expertise and experience to the Land Bank, an institution which plays and will continue to play a key role in the development of the agricultural sector. Agriculture is one of the priority areas of government and one which is expected to grow the economy, and create close to one million jobs by 2030,” said Finance Minister Nhlanhla Nene.
The appointments were approved by Cabinet on Wednesday.
Moloto was appointed for a term of three years, from January 2015 to December 2017, and Nchocho for five years, running from January 2015 to December 2019.
Nene said the Land Bank had undergone a remarkable turnaround and growth since 2008 when it was rescued from near-collapse.
Between 2008 and 2014 its loan book grew by 180 percent, R12 billion to R33bn.
This growth in the loan book has outstripped the growth of the bank’s capital base, even after government had injected R3.5bn new capital and provided the bank with R2.5bn in guarantees.
He said the faster growth in the loan book had affected the bank’s financial strength which needed to be consolidated to prepare for the bank’s next growth phase.
“This is where Mr Nchocho’s experience at the Development Bank of Southern Africa [DBSA] will be most valuable.”
He previously served as acting CEO of the DBSA for eight months, during which time he initiated the bank’s organisational review which prepared the ground for the incoming CEO.
He said Moloto brought a wealth of expertise as a member and leader of the boards of various entities.
He was most recently chairman of the Government Employees Pension Fund (GEPF) and a director on the board of the Pan African Infrastructure Development Fund.
He is currently a director of the DBSA, Kansai Plascon Africa Limited, and Afhco Holdings Proprietary Limited.