The Pakistani government disclosed on Wednesday that it intended to sell the United Arab Emirates (UAE) government the majority of the shares in First Woman Bank Limited. This indicates that, subject to UAE permission, 82 percent of the bank’s ownership will be transferred straight from one government to another.
The State Bank of Pakistan will relicense the First Women Bank following the deal. An eight-member cabinet committee created by the government will oversee the process to handle pricing and close the sale.
The primary objective of the bank will not alter following the sale: to support women financially. It’s important to remember that the First Women’s Bank’s privatisation process began in 2015.
In addition, Pakistan sold a historic building in Washington, D.C., last year. The embassy’s chancery was housed in this building, which has been vacant since 2003. Higher taxes resulted from a categorization change made by local authorities. When the building was put up for sale late last year, $6.8 million was the highest price.
