Pakistan to sell First Women Bank to UAE govt

ISLAMABAD: The federal government of Pakistan on Wednesday decided to sell First Woman Bank Limited to the UAE government, ARY News reported.

As per details, the 82 percent shares will be sold on government-to-government level after getting a green signal from the UAE government.

After the sale, the State Bank of Pakistan will issue a new license to First Women Bank. The sale price and agreement finalization will be carried out by the eight-member cabinet committee formed by the federal government.

Furthermore, the meeting of the eight-member cabinet committee has been summoned today where important decisions are expected to be approved.

The primary responsibility of the bank will be providing financial assistance to women.

It is pertinent to mention here that the privatization of the First Women Bank Limited was initiated in 2015.

Last year, Pakistan sold a historic building owned by its embassy in the US capital city, which was vacant since year 2003, according to a report.

The property classification of the Pakistan Embassy-owned building, was recently downgraded by the authorities — a move that inevitably increased taxes on its assessed value.

The local authorities had changed the class status of the old and crumbling building owned by the Pakistan government.

The building, which used to be a chancery in the past, was put up for auction late last year, the highest bidder at that time had offered $6.8 million for the property.