Region Trade Bank
Photo courtesy of Region Trade Bank

Region Trade Bank (RTB) has announced the appointment of a new Board of Directors comprising internationally recognised figures in financial integrity, banking supervision, sanctions policy and payment systems, marking a significant milestone in the bank's continued development and its ambition to operate according to the highest international standards of governance and compliance.

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 globally recognised financial institutions. Collectively, the new board brings decades of experience overseeing financial regulation, sanctions implementation, 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, an internationally recognised authority on payment systems and former Federal Reserve executive; Ilze Znotina, former Head of Latvia's Financial Intelligence Unit; 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, an experienced regional banking executive.

Yilmaz Ugur Ay continues to serve as Chief Executive Officer. With more than two decades of experience across Iraq and Türkiye in corporate banking, trade finance and credit risk, he has overseen RTB's continued expansion and focus on innovation, customer service and international best practice.

The appointments come as Iraq's banking sector continues its modernisation, with greater emphasis on transparency, digital banking, financial resilience and stronger engagement with international financial markets. Institutions capable of demonstrating robust governance and internationally recognised compliance standards are increasingly well positioned to support cross-border trade, correspondent banking relationships and international investment.

Founded in 2001 and licensed by the Central Bank of Iraq, RTB has grown into one of Iraq's leading private banks. The institution now serves customers through branches in Erbil, Baghdad, Sulaymaniyah, Duhok, Kirkuk, Zakho, Mosul, Ramadi and Basra while continuing its national expansion.

RTB offers a comprehensive range of personal, corporate and institutional banking services, including current and savings accounts, digital banking, commercial finance, SME lending, project finance, salary domiciliation and international transactions through SWIFT and RTGS payment systems in multiple currencies. The bank has consistently emphasised investment in technology and customer-focused banking solutions alongside strengthening its governance framework.

Chief Executive Officer Yilmaz Ugur Ay said the appointments represent a long-term investment in the bank's future. "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."

The announcement is also noteworthy for UK businesses and financial institutions with interests across Iraq and the wider Middle East. Britain maintains longstanding commercial relationships in sectors including energy, engineering, infrastructure, legal services, banking and professional advisory work. As Iraq's financial sector continues to strengthen its international outlook, well-governed banking institutions can play an increasingly important role in supporting cross-border commerce and facilitating international transactions.

For British exporters, investors and financial service providers, reliable banking partners remain an essential component of doing business in emerging markets. Continued investment in governance, compliance and international expertise can help foster stronger commercial relationships while supporting broader economic cooperation.

RTB's strengthened leadership reflects its commitment to building a banking institution that operates according to internationally recognised standards while supporting Iraq's growing integration into global financial markets. The appointments represent an important milestone in the bank's development and underline its ambition to serve as a trusted financial partner for customers, businesses and international institutions alike.

About the Contributor: Richard Dickenson is an entrepreneur in the green energy space. He has led development projects in East Africa, China and across the Middle East. Richard is driven by his passion for innovation and technological progress. Richard studied in the United States and Canada and has been working in the field for over five years.