The central bank will issue a new licence after the sale is completed
The government of Pakistan has decided to divest its 82 percent stake in the First Women Bank Limited to the UAE government, reported Karachi-based ARY News channel.
The transaction will occur at a government-to-government level, pending approval from the UAE.
Following the sale, the State Bank of Pakistan will issue a new license to the bank.
The sale price and agreement finalisation will be overseen by an eight-member cabinet committee appointed by the government.
The privatisation process of the Karachi-based bank was initiated in 2015. It primarily provides financial assistance to women.
Source : Zawya
