Abu Dhabi firm takes full control of First Women Bank in Privatization Deal

2026-02-23 - 11:53

KARACHI – Competition Commission of Pakistan quietly approved major ownership shift as First Women Bank Limited prepares to pass into the hands of Abu Dhabi–based investor group Eve Holdings RSC Limited. What started as part of the broader privatization drive initiated by the Government of Pakistan has now moved a step closer to completion, marking yet another chapter in the evolving story of foreign investment and economic transformation. Under the deal, Eve Holdings will get entire shareholding of First Women Bank, purchasing stakes previously held by the Government of Pakistan and major banking institutions, including Habib Bank Limited, MCB Bank Limited, Allied Bank Limited, National Bank of Pakistan, and United Bank Limited. Once completed, the acquisition will hand the Abu Dhabi entity complete ownership and operational control of the historic Pakistani lender. The competition watchdog declared that the transaction poses no threat to market competition, describing it as a conglomerate merger since the acquiring firm has no existing operations in Pakistan’s commercial banking sector. Authorities emphasized that the deal will neither create a dominant market player nor distort financial market dynamics. Still, the approval marks a significant milestone in Pakistan’s privatization efforts and underscores growing foreign investor confidence in the country’s financial industry. Proponents argue that such investments can inject fresh capital, modernize banking operations, and strengthen economic growth. Critics, however, warn that large-scale foreign acquisitions may shift control of key financial assets abroad. With the deal now authorised, attention turns to its final execution and the broader implications for Pakistan’s banking sector—a sector undergoing rapid transformation amid economic challenges and evolving investment trends. The transaction highlights the delicate balance between attracting foreign capital and safeguarding national financial interests. First Women Bank Limited (FWBL) was established in 1989 to promote women’s financial inclusion in Pakistan, following approval by then Prime Minister Benazir Bhutto. Initially capitalized at Rs100 million by state-owned banks, it focused on employing women and providing loans to female entrepreneurs, expanding to multiple branches nationwide. EFU Life, First Women Bank partner to launch Bancassurance Proposition