Region Trade Bank (RTB) has appointed a new Board of Directors made up of internationally recognised experts in banking regulation, financial integrity, sanctions policy and payment systems, as the Iraqi lender seeks to strengthen its governance and support expanding regional financial integration.
The newly formed board includes former senior officials from the U.S. Treasury, the Financial Action Task Force (FATF), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the White House National Security Council and other international financial institutions. The appointments bring together decades of experience in banking supervision, financial regulation, payment systems and international financial policy.
Marshall S. Billingslea, former U.S. Assistant Secretary of the Treasury for Terrorist Financing and former President of FATF, has been named chairman of the board.
Other board members include Gregory T. Gatjanis, former Associate Director at the U.S. Treasury’s Office of Foreign Assets Control (OFAC); Dr. Jorge Jimenez, a specialist in payment systems and digital resilience; Ilze Znotina, former head of Latvia’s Financial Intelligence Unit and a FATF assessor; Hashim Hamandi, Senior Economist at the U.S. Treasury; Adnan Kifayat, who previously held senior positions at the U.S. Treasury, the National Security Council and the Department of State; Basil Kiwan, a former official at the FDIC, Federal Reserve and U.S. Treasury; and Raed Hijazein, a banking executive with extensive experience across the Middle East.
The bank will continue to be led by Chief Executive Officer Yilmaz Ugur Ay, whose career spans more than 20 years in corporate banking, trade finance and credit risk across Iraq and Türkiye.
The appointments come as financial cooperation across Iraq, the Gulf and the wider Middle East continues to expand through increased trade, investment and infrastructure projects. Financial institutions are placing greater emphasis on governance, transparency and internationally recognised regulatory standards to support cross-border business activity.
Established in 2001 and licensed by the Central Bank of Iraq, Region Trade Bank has grown into one of the country’s established private banks. It operates branches in Erbil, Baghdad, Sulaymaniyah, Duhok, Kirkuk, Zakho, Mosul, Ramadi and Basra, providing services to retail, corporate and institutional clients.
Its offerings include current and savings accounts, digital banking, commercial and trade finance, project financing for small and medium-sized enterprises, salary payment services and international transactions through SWIFT and RTGS payment systems in multiple currencies.
Chief Executive Officer Yilmaz Ugur Ay said the appointments reflect the bank’s long-term strategy to strengthen its institutional framework and governance standards.
“Assembling a board of this calibre is a deliberate commitment to building an institution that meets the highest standards of governance and financial integrity anywhere in the world,” Ay said. “Our customers and partners deserve nothing less, and this is how we deliver on that promise.”
The strengthened leadership comes at a time when Iraq is deepening economic ties with Gulf countries, including Qatar, Saudi Arabia and the United Arab Emirates. Industry observers say banks with experienced leadership, strong governance and internationally recognised compliance standards are expected to play an increasingly important role in supporting investment, facilitating trade finance and building confidence among regional and international investors.
