ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved the proposed acquisition of First Women Bank Limited by Eve Holdings RSC Limited, pursuant to a Share Purchase Agreement executed as part of the privatization process, following a Phase-I competition assessment under the Competition Act, 2010.
Eve Holdings RSC Limited, the acquirer, is a special purpose holding company incorporated in Abu Dhabi. First Women Bank Limited, the target, is a public unlisted commercial bank in Pakistan engaged in providing banking and financial services.
Under the approved transaction, Eve Holdings RSC Limited will acquire the entire shareholding of First Women Bank Limited from the Government of Pakistan and existing institutional shareholders, including Habib Bank Limited, MCB Bank Limited, Allied Bank Limited, National Bank of Pakistan, and United Bank Limited. Upon completion, Eve Holdings will assume full ownership and control of First Women Bank Limited.
CCP’s competition assessment noted that the target has a limited presence in the commercial banking market, while the acquirer does not have any existing operations in the relevant or related market. The transaction therefore constitutes a conglomerate merger and does not raise competition concerns.
The Commission concluded that the proposed transaction is not likely to create or strengthen a dominant position, substantially lessen competition, or adversely affect the competitive structure of the market. Accordingly, the Commission has authorized the transaction in accordance with the provisions of the Competition Act, 2010.
This acquisition reflects continued foreign investor interest in Pakistan’s financial sector and highlights the importance of transparent privatization and effective competition regulation in promoting foreign direct investment, strengthening financial institutions, and supporting economic growth.
Prime Minister Shehbaz Sharif has praised the acquisition of First Women Bank Ltd (FWBL) by Abu Dhabi-based International Holding Company (IHC), calling it a major step forward in strengthening Pakistan’s economic partnership with the UAE. He highlighted that this deal marks a new chapter in bilateral cooperation, paving the way for future joint ventures and investments across various sectors that could boost economic growth and opportunity.
At the signing ceremony, the Prime Minister described the agreement as “the first drop of rain,” symbolizing the beginning of a broader effort to deepen economic collaboration with the United Arab Emirates. The ceremony also marked the formal transfer of a majority stake in FWBL to IHC under a government-to-government (G2G) framework. The UAE delegation was led by Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, chairman of 2PointZero, reflecting the strong interest of the UAE in expanding its footprint in Pakistan’s financial sector.
The federal cabinet had already approved the sale of the government’s entire stake in FWBL, valued at around $14.6 million (approximately Rs 4.1 billion). Though the final figure has yet to be formally announced, this milestone represents much more than a financial transaction it’s a signal of growing trust, collaboration, and shared economic ambition between Pakistan and the UAE.
