Pakistan plans to sell First Women Bank to UAE govt

The federal government of Pakistan on Wednesday decided to sell First Woman Bank Limited to the UAE government.

As per details, the 82 percent shares will be sold on government-to-government level after getting a green signal from the UAE government.

Following the sale, the State Bank of Pakistan will issue a new license to First Women Bank. The sale price and finalization of the agreement will be handled by an eight-member cabinet committee appointed by the federal government. Today, a meeting of this committee has been scheduled to discuss and potentially approve important decisions.

The main objective of the bank will be to provide financial support to women. It’s worth noting that the privatization process for First Women Bank Limited began in 2015.

In a related development, last year Pakistan sold a historic building owned by its embassy in Washington D.C., which had been vacant since 2003. The property’s classification was recently downgraded by authorities, resulting in increased taxes on its assessed value.

Local authorities reclassified the old and deteriorating building owned by the Pakistan government. Once a chancery, the building was auctioned late last year, with the highest bidder offering $6.8 million for the property.