CBE mourns prominent bankers Hatem Sadiq, Gamal Muharram

Central Bank of Egypt (CBE) Governor Hassan Abdalla, and his deputies mourn the loss of Hatem Sadek, former president of Bank Audi Egypt and a SAIB Bank board member; and Gamal Moharram, former president of Piraeus Bank Egypt. Sadek and Moharram passed away last week.

The deceased were among the most prominent leaders in the banking industry as well as in the business and financial spheres. For almost fifty years, they supported and took part in Egypt’s and the Arab world’s economic reform initiatives.

Sadek and Moharram have made exceptional contributions to banking and economic domains at the local and regional levels.

Many prominent banking experts who currently run the largest local banks were trained by them.

Hatem Sadek

With a renowned professional history, Sadek held many senior positions in the banking sector, which allowed him to participate in the first reform programme of the CBE from 2003 to 2009.

Along with helping attract two of the largest Arab banks to Egypt — Arab Bank and Bank Audi — to work in Egypt, he was also instrumental in both institutions’ successes, achieving safe and healthy growth rates.

The late banking leader, in co-operation with a group of contemporary banking figures, provided a significant contribution to the restructuring and reform of Misr International Bank MIBank, which qualified the bank to merge with one of the largest international banking groups (Societe Generale).

Gamal Moharram

Meanwhile, Moharram played an instrumental role in achieving strategic objectives of all organisations, institutions and banks where he held senior positions, including Bank of America, Piraeus Bank Egypt, Commercial Bank of Egypt (CIB Egypt), Citibank, and BNY Mellon Asset Management.

In addition, he played a noteworthy role as the chair of the American Chamber of Commerce (AmCham Egypt) from 2009 to 2013, spearheading initiatives to improve co-operation between Egypt and the U.S. He provided the U.S business community and decision-making circles with an accurate picture of the local situation, particularly in the wake of the revolutions on January 25 and June 30.

We pray the Almighty to bless them with His abundant compassion, receive them into the best reaches of paradise, and provide their giving family, as well as the patience and consolation of all loving.