UAE government interested in acquiring Pakistan’s First Women Bank

The United Arab Emirates (UAE) government is interested in acquiring Pakistan’s First Women Bank Limited (FWBL).

The transaction is being pursued under government-to-government mode in accordance with PC Government-to-Government Agreement Mode-Manner and Procedure Rules, 2023.

The FWBL commenced operations on December 02, 1989 with a paid-up capital of Rs100 million, 90% of which was contributed in varying proportions by five leading banks including National Bank of Pakistan, Habib Bank Limited, Muslim Commercial Bank, United Bank Limited, and Allied Bank Limited.

The remaining 10% capital came from the federal government.

The government owns 82.64% shares of FWBL while the rest are held by the five leading banks.

First Women Bank Limited was placed on the government’s Active Privatisation Programme in 2018. The government decided to hasten the privatisation process last year.