Pakistan completes First Women Bank privatization in decade-long effort

Pakistan has completed the privatization of First Women Bank Limited, with management control and full ownership formally transferred to Eve Holdings RSC Limited following the fulfillment of all regulatory conditions, the Privatization Commission announced on Thursday.

Under the transaction, Eve Holdings, a special purpose holding company incorporated in Abu Dhabi, acquired the entire shareholding of the bank from Pakistan and existing institutional shareholders, including Habib Bank Limited, MCB Bank Limited, Allied Bank Limited, National Bank of Pakistan, and United Bank Limited.

The deal was valued at approximately PKR 5 billion.

The transaction has been in motion since October 2025, when the federal cabinet approved the divestment of the government's entire stake in the bank, reportedly valued at $14.6 million.

The deal marked the first bank privatization conducted under the Inter-Governmental Commercial Transactions Act 2022.

The Competition Commission of Pakistan cleared the acquisition in February, concluding that the transaction constituted a conglomerate merger and did not raise competition concerns.

In addition to acquiring the bank, the buyer committed to meeting the total minimum capital requirement of PKR 10 billion over five years. As of December 2024, the bank's equity stood at PKR 3.2 billion, with the new investor set to inject PKR 6.8 billion to bridge the gap.

The bank was originally founded to empower women entrepreneurs and promote financial inclusion.

At the signing ceremony in October 2025, Prime Minister Shehbaz Sharif hailed the deal as "the first drop of rain" in Pakistan's privatization drive, describing it as the beginning of a long-term partnership with the UAE.

The privatization commission said the transaction underscores the government's commitment to reducing its footprint in commercial enterprises and promoting a private sector-led economy, in line with broader reforms under Pakistan's IMF program.