Pakistan to sell First Woman Bank Limited to UAE govt

The federal government has decided to sell First Woman Bank Limited to the UAE government, reported 24NewsHD TV channel on Wednesday.

After getting nod from the UAE government, 82 percent shares of the First Woman Bank will be offered for sale.

The bank will be sold directly to the UAE on government-to-government basis.

After the completion of the sale agreement, the State Bank of Pakistan will issue a new licence to the First Woman Bank Limited.

The government has decided to constitute an eight-member cabinet committee to determine the sale price and give final touches to the sale agreement.

A meeting of the cabinet committee has been summoned for today in which important decisions will be approved.

After privatization, the primary responsibility of the bank will be provided financial support to the women.

It may be mentioned here that the efforts to sell off the First Woman Bank Limited have been going on since 2015.

Reporter Awais Kiyani