Iraqi bank names global finance leaders to board

Erbil: Region Trade Bank (RTB) has become the first Iraqi lender to appoint a Board of Directors comprising internationally recognised experts in financial integrity, sanctions policy, banking supervision and payment systems, in a move aimed at strengthening governance and aligning the bank with global regulatory standards.

The appointment marks a significant milestone for Iraq’s banking sector, reflecting RTB’s ambition to position itself among financial institutions that adhere to the highest international standards of compliance, transparency and corporate governance.

Board members

The newly constituted board is chaired by Marshall S. Billingslea, the former US Assistant Secretary of the Treasury for Terrorist Financing and former President of the Financial Action Task Force (FATF). His career includes senior diplomatic and national security roles across the US departments of Treasury, Defense and State, as well as Nato.

Joining him are Gregory T. Gatjanis, former Associate Director at the US Treasury’s Office of Foreign Assets Control (OFAC); Dr. Jorge Jimenez, a former Federal Reserve payments executive and specialist in payment systems and digital resilience; Ilze Znotina, former Head of Latvia’s Financial Intelligence Unit and a FATF assessor; and Hashim Hamandi, a Senior Economist at the US Treasury Department with previous leadership roles at Citigroup, JPMorgan Chase and Lazard.

The board also includes Adnan Kifayat, who has held senior positions across the US Treasury, National Security Council, White House and Department of State; Basil Kiwan, a former official with the FDIC, Federal Reserve and US Treasury; and Raed Hijazein, a regional banking executive with leadership experience at Standard Chartered Bank and Capital Investment in Dubai International Financial Centre (DIFC).

RTB Chief Executive Officer Yilmaz Ugur Ay, who brings more than 20 years of experience in corporate banking, trade finance and credit risk across Iraq and Türkiye, said the appointments demonstrate the bank’s long-term vision for the country’s financial sector.

New era

“Iraq’s banking sector is entering a new era, and RTB intends to lead it,” Yilmaz Ugur Ay said. “Assembling a board of this calibre is not a symbolic gesture. It is a deliberate commitment to building an institution that meets the highest standards of governance and financial integrity anywhere in the world. Our customers and partners deserve nothing less, and this is how we deliver on that promise,” he added.

Licensed by the Central Bank of Iraq and listed on the Iraq Stock Exchange, RTB has grown into one of Iraq’s established financial institutions since its founding in 2001. The bank operates branches across Erbil, Baghdad, Sulaymaniyah, Duhok, Kirkuk, Zakho, Mosul, Ramadi and Basra, with plans to expand its national footprint.

The bank said the new board reinforces its commitment to strong governance, financial integrity and international best practices as it seeks to play a greater role in supporting Iraq’s economic development and banking sector modernisation.