ISLAMABAD: The Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) on Wednesday approved bid offer for the privatisation of the First Women Bank Limited (FWBL) held under its chairman, Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar.
The committee approved the bid offer, being higher than the reference price, for the privatisation of FWBL. This key milestone paves the way for successful privatisation and a G2G transaction with the UAE’s nominated entity owned by International Holding Company (IHC), boosting FDI inflows and reinforcing investor confidence in Pakistan, according to a statement.
On October 10, 2025, the Privatisation Commission (PC) Board, in its 240th meeting had recommended the reference price for the privatisation of FWBL to the Cabinet Committee.
FWBL sell-off: CCoIGCT approves reference price
The FWBL, incorporated in 1989, is 82.64 percent owned by the Government of Pakistan and is currently being negotiated with the nominated entity of the Government of the United Arab Emirates (UAE) under the Inter-Governmental Commercial Transactions Act, 2022.
The Federal Cabinet approved its privatisation in February 2024, following consistent pressure from the IMF to reduce the state’s role in the economy. The bank was placed on the privatisation list in November 2018 and the appointment of a financial advisory consortium was finalized in December 2019.
The consortium’s due diligence report was finalized in June 2020, and the Cabinet Committee on Privatisation approved the initial transaction structure in August 2020. Dar appreciated the efforts of the Privatisation Commission and all those associated with this important transaction. He expressed satisfaction over the progress made and reaffirmed the Government’s commitment to economic reform and transparency in the privatisation process.
The meeting was attended by the Minister for Petroleum, Minister for Privatisation, Minister of State for Railways, Secretary Cabinet Division, Secretary Privatisation, senior officials of the Privatisation Commission, and other concerned ministries and departments.
Copyright Business Recorder, 2025
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