First Women Bank 'sold' to UAE’s International Holding Company

ISLAMABAD: The United Arab Emirates (UAE) International Holding Company has ‘successfully’ finalised deal to acquire 85 per cent shares of  First Women Bank Limited in Pakistan, ARY News reported on Friday, citing sources.

First Women Bank Limited (FWBL), incorporated in 1989, is 82.64% owned by the Government of Pakistan and is currently being negotiated with the nominated entity of the Government of the United Arab Emirates (UAE) under the Inter-Governmental Commercial Transactions Act, 2022.

As per details, the UAE government has expressed strong interest in expanding its investment portfolio in Pakistan.

According to sources, the UAE’s International Holding Company (IHC) has successfully reached a deal to acquire 84% shares of the First Women Bank Limited (FWBL) for $14.6 million (approximately Rs4.1 billion).

The acquisition was concluded following successful government-to-government (G2G) negotiations between Pakistan and the UAE.

Read more: PC Board recommends reference price for privatisation of First Women Bank Limited

Sources further revealed that the agreement for the acquisition of the First Women Bank will be formally signed today.

The special cabinet committee, chaired by the deputy prime minister, has already granted initial approval for the transaction, while the federal cabinet under Prime Minister Shehbaz Sharif has also endorsed the agreement.

Earlier this month, the Privatisation Commission (PC) Board of Pakistan recommended a reference price for the privatisation of First Women Bank Limited (FWBL) to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), marking a significant step in the Government-to-Government (G2G) privatisation process.