With profound sadness, Mr. Hassan Abdullah, Governor of the Central Bank of Egypt, and his deputies express their deep regret over the loss of two distinguished figures in the banking industry—Mr. Hatem Sadek, the former president of Bank Audi Egypt and SAIB Bank board member, and Mr. Gamal Moharram, former president of Piraeus Bank Egypt—who passed away last week.
The late Mr. Hatem Sadek and Mr. Gamal Moharram were prominent leaders not only in the banking sector but also in the broader business and financial spheres. Their collective contributions spanned nearly fifty years, during which they actively participated in and supported economic reform initiatives in Egypt and the Arab world.
These esteemed individuals made exceptional contributions to the banking and economic landscape, leaving an indelible mark at both local and regional levels. Many of today’s leading banking experts, overseeing major local banks, were mentored and trained by these influential leaders.
Mr. Hatem Sadek, with a distinguished professional history, held key positions in the banking sector. His involvement in the Central Bank of Egypt’s first reform program from 2003 to 2009 was instrumental. He played a pivotal role in attracting major Arab banks, such as “Arab Bank” and “Bank Audi,” to operate in Egypt, contributing significantly to their success and achieving safe, healthy growth rates.
Collaborating with a group of contemporary banking figures, Mr. Sadek made a significant contribution to the restructuring and reform of Misr International Bank (MIBank), paving the way for its merger with one of the largest international banking groups, Societe Generale.
Meanwhile, Mr. Gamal Moharram played leadership roles in achieving strategic objectives across various organizations, including Bank of America, Piraeus Bank Egypt, Commercial Bank of Egypt, Citibank, and BNY Mellon Asset Management. He also served as the chair of the American Chamber of Commerce from 2009 to 2013, actively fostering cooperation between Egypt and the U.S. and providing a nuanced perspective to the U.S. business community, especially in the aftermath of the January 25 and June 30 revolutions.
The Central Bank of Egypt extends heartfelt prayers, seeking the Almighty’s abundant compassion for Mr. Hatem Sadek and Mr. Gamal Moharram. May they find eternal peace in the highest realms of paradise. The Central Bank offers condolences to their bereaved families, wishing them strength, patience, and solace during this difficult time.
