The Pakistani government announced its intention to divest 82 per cent of its First Woman Bank Limited shares to the UAE government. The transaction, set at a government-to-government level, awaits approval from the UAE.
After the sale, the State Bank of Pakistan will grant a new operating license to First Women Bank. An eight-member cabinet committee established by the federal government will oversee the sale’s price and agreement details. This committee is scheduled to meet today, with significant approvals anticipated.
The bank’s main objective post-sale will be to support women with financial services. The move to privatize First Woman Bank Limited began in 2015. Additionally, Pakistan sold a historic embassy building in Washington, D.C., last year, which has been vacant since 2003. The building’s classification was downgraded, resulting in higher taxes. It was auctioned off, with the highest bid reaching $6.8 million.
