Region Trade Bank (RTB) has announced the appointment of a new Board of Directors comprising internationally recognised leaders in financial integrity, banking supervision, sanctions policy and payment systems, a move that reflects the growing emphasis on governance and regional financial integration across the Middle East.
The appointments bring together 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 leading international financial institutions. Together, the board brings decades of experience in financial regulation, payment systems, banking supervision and international financial policy.
The board is chaired by Marshall S. Billingslea, former U.S. Assistant Secretary of the Treasury for Terrorist Financing and former President of FATF. Other members include Gregory T. Gatjanis, former Associate Director at the U.S. Treasury's Office of Foreign Assets Control (OFAC); Dr. Jorge Jimenez, a recognised authority on payment systems and digital resilience; Ilze Znotina, former Head of Latvia's Financial Intelligence Unit and FATF assessor; Hashim Hamandi, Senior Economist at the U.S. Treasury; Adnan Kifayat, former senior official across the U.S. Treasury, National Security Council and Department of State; Basil Kiwan, who previously served at the FDIC, Federal Reserve and U.S. Treasury; and Raed Hijazein, a senior regional banking executive with extensive Middle East banking experience.
The bank continues to be led by Chief Executive Officer Yilmaz Ugur Ay, whose career spans more than two decades in corporate banking, trade finance and credit risk across Iraq and Türkiye.
The appointments come as financial cooperation across the Gulf and wider Middle East continues to deepen. Regional economies are increasingly connected through trade, investment and infrastructure development, placing greater importance on banking institutions capable of supporting secure, transparent and internationally recognised financial services.
Founded in 2001 and licensed by the Central Bank of Iraq, RTB has grown into one of Iraq's established private financial institutions. The bank now operates branches in Erbil, Baghdad, Sulaymaniyah, Duhok, Kirkuk, Zakho, Mosul, Ramadi and Basra, providing retail, corporate and institutional banking services across the country.
Its services include current and savings accounts, digital banking, commercial finance, project financing for small and medium-sized enterprises, salary domiciliation and international transactions through SWIFT and RTGS systems in multiple currencies.
Chief Executive Officer Yilmaz Ugur Ay said the appointments represent a strategic investment in the bank's long-term development.
"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," he said. "Our customers and partners deserve nothing less, and this is how we deliver on that promise."
For Gulf businesses, the announcement reflects broader momentum towards greater regional financial connectivity. As economic cooperation continues to expand between Iraq and Gulf countries, including Qatar, Saudi Arabia and the United Arab Emirates, internationally recognised governance standards are becoming increasingly important in supporting investment, trade finance and cross-border commercial activity.
Financial institutions with experienced leadership and strong governance frameworks are expected to play an increasingly important role in facilitating regional commerce, supporting private-sector growth and strengthening confidence among international investors and business partners.
RTB's strengthened leadership reflects its commitment to transparency, institutional excellence and responsible growth while supporting Iraq's continued integration into regional and global financial markets. As economic partnerships across the Gulf continue to expand, developments that reinforce confidence in the region's financial infrastructure are likely to attract growing attention from businesses and investors alike.
