UAE 'shows' interest in privitization of First Women Bank

Islamabad: In a positive development for the national economy, foreign investors have expressed interest in the privatization of First Women Bank, ARY News reported citing sources.

According to sources, the government of Pakistan has expedited the process of privatizing First Women Bank, and the UAE government has shown interest in privatization of the bank, sources added.

Sources said that efforts have been made for a government-to-government privatization plan for First Women Bank since February 2024.

The privatization of First Women Bank is expected to improve the bank’s performance and attract more foreign investment in the country, sources added.

In February, the federal government of Pakistan decided to sell First Woman Bank Limited to the UAE government.

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It was decided that the 82 percent shares would be sold on the 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.

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