Stage set for UAE-backed G2G sale of First Women Bank

ISLAMABAD: The Privatisation Commission (PC) Board on Friday recommended a reference price for the privatisation of First Women Bank Limited (FWBL) to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), paving the way for a possible government-to-government (G2G) deal with the United Arab Emirates.

The reference price will be disclosed when the offer price is opened, which is expected early next week, an official told The News.

Chaired by Muhammad Ali, the PC Board’s meeting marked a major step toward finalising the proposed transaction, under which the UAE’s International Holding Company (IHC) — nominated by the Emirati government — is considering investment in FWBL. The bank, established in 1989 and 82.64 percent owned by the Government of Pakistan, has long been slated for strategic divestment.

With the reference price now forwarded to the cabinet committee, the process will advance to formal negotiations with the UAE’s nominee. Officials said a successful conclusion would inject fresh foreign direct investment (FDI) into Pakistan and bolster confidence in the country’s broader privatisation drive.

In another key move, the PC Board approved a consortium led by Raiffeisen as the top-ranked bidder to serve as financial advisor for the privatisation of the Hyderabad Electric Supply Company (Hesco) and Sukkur Electric Power Company (Sepco).

An official said that competing consortia in the international tender launched in June 2025 included groups led by Baker Tilly, Alvarez & Marsal, and EY (Ernst & Young).

The Board also formed a Negotiation Committee to finalise the Financial Advisory Services Agreement (FASA) with the Raiffeisen-led consortium.

Meanwhile, Pakistan took a major step toward attracting United Arab Emirates (UAE) investment in its banking sector, as the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) approved the reference price for the First Women Bank Limited (FWBL) — a critical move toward the bank’s proposed divestment to a UAE government-nominated investor.

“The reference price will be disclosed when the offer price is opened, which is expected early next week,” officials told The News.

The decision, made during a meeting chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar, represents a key milestone in Pakistan’s privatization push and could pave the way for a government-to-government (G2G) deal with Abu Dhabi’s International Holding Company (IHC).

Established in 1989 and 82.64 percent owned by the Government of Pakistan, FWBL has long been earmarked for strategic divestment to attract foreign capital and improve efficiency in the state-dominated banking sector.

Earlier, the Privatisation Commission (PC) Board, chaired by Muhammad Ali, had recommended the reference price to the CCoIGCT, setting the stage for formal negotiations with the UAE’s nominee. Officials said that a successful transaction would bring fresh foreign direct investment (FDI) and boost confidence in Pakistan’s broader privatization program.

The CCoIGCT meeting also reviewed ongoing privatization initiatives, emphasizing efforts to streamline G2G transactions, enhance asset efficiency, and strengthen private-sector participation under the government’s economic reform agenda.

In another significant decision, the PC Board approved a consortium led by Raiffeisen as the top-ranked bidder to serve as financial advisor for the privatization of the Hyderabad Electric Supply Company (Hesco) and Sukkur Electric Power Company (Sepco).

Competing consortia in the international tender launched in June 2025 included groups led by Baker Tilly, Alvarez & Marsal, and EY (Ernst & Young). The Board also formed a Negotiation Committee to finalize the Financial Advisory Services Agreement (FASA) with the Raiffeisen-led consortium.

Officials said both decisions reflect renewed momentum in Pakistan’s privatization program as the government seeks to unlock investment, reduce fiscal burdens, and attract strategic foreign partners across key sectors.