The Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) on Friday approved the reference price for the First Women Bank Limited (FWBL), a key milestone toward facilitating investment by the United Arab Emirates in Pakistan’s banking sector.
In a statement, the Ministry of Foreign Affairs said Foreign Minister Ishaq Dar chaired the meeting, which reviewed ongoing initiatives related to the privatization of state-owned entities. Discussions focused on finalizing government-to-government arrangements to ensure a smooth transfer of assets, enhance efficiency, and promote private sector participation in line with economic reforms.
The committee approved a summary submitted by the Privatization Division to privatize the FWBL, paving the way for a possible government-to-government deal with the U.A.E. The U.A.E.’s International Holding Company, nominated by the Emirati government, is considering investment in FWBL. The bank was established in 1989, and the Government of Pakistan has a 82.64% stake in it.
The reference price will be disclosed when the offer price is opened.
Following the approval of the reference price, the privatization process would now advance to formal negotiations with the U.A.E.’s nominee. Officials said a successful conclusion would inject fresh foreign direct investment into Pakistan and bolster confidence in the country’s broader privatization drive.
Separately, the Privatization Commission Board approved a consortium led by Raiffeisen as the top-ranked bidder to serve as financial adviser for the privatization of the Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO). It also formed a Negotiation Committee to finalize the Financial Advisory Services Agreement with the Raiffeisen-led consortium.