Egypt will offer a 40% stake in Arab African International Bank (AAIB) and 20% of Banque du Caire on the Egyptian stock market at end of year, according to the Central Bank of Egypt (CBE)’s Governor Tarek Amer. Amer said last January 2016 that the CBE was considering initial public offerings in two state banks, but did not name them at the time. "We want to strengthen the bourse to make Egypt attractive," Amer said in television interview on Saturday. The government has a 50% stake in AAIB, which it jointly owns with Kuwaiti investors. The government would sell 20% stake of its total 50% in AAIB, with the remaining 20% sold by the bank's Kuwaiti investors. Amer further stated that United Bank of Egypt, which is 99%-owned by the CBE, would also be sold to a strategic investor this year. The CBE addressed international banks to assess both the AAIB and Banque du Caire, in preparation for offering part of their shares on the Egyptian Exchange (EGX). Deputy Chairman of the Egyptian Association for Financing and Investment Studies Mohsen Adel said that part of the banks’ shares should be offered on a foreign stock market, such as the London Stock Exchange, to bring in hard currency to the Egyptian market. (Reuters, The Daily News Egypt)