UAE interested in buying First Women Bank
In a promising development for Pakistan's economy, foreign investors have
shown interest in the privatization of First Women Bank.
Sources indicate that the Pakistani government has accelerated its efforts
to privatize First Women Bank, with the UAE government expressing interest in
the process. Discussions for a government-to-government privatization plan have
been underway since February 2024.
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The privatization is anticipated to enhance the bank’s performance and
attract additional foreign investment into Pakistan. Earlier this year, the
federal government decided to proceed with the sale of First Women Bank Limited
to the UAE government.
The plan involves selling 82 percent of the bank's shares at the
government-to-government level, contingent upon approval from the UAE
government. Following the sale, the State Bank of Pakistan will issue a new
license to the bank.
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The final sale price and agreement will be determined by an eight-member cabinet
committee appointed by the federal government.
It is noteworthy that efforts to privatize First Women Bank Limited began in
2015.
Source: ARY News