On Wednesday, the government of Pakistan revealed its plan to sell most of the shares of the First Woman Bank Limited to the government of the United Arab Emirates (UAE). This means that 82 percent of the bank’s ownership will be transferred directly from one government to another, pending approval from the UAE.
After the sale, the State Bank of Pakistan will grant a new license to the First Women Bank. To handle the pricing and finalize the deal, an eight-member cabinet committee, appointed by the government, will oversee the process.
Even after the sale, the main goal of the bank will remain unchanged: to provide financial help to women. It’s worth noting that the process to privatize the First Women Bank started back in 2015.
Furthermore, last year, Pakistan sold a historic building it owned in Washington, D.C. This building, which used to be the embassy’s chancery, had been empty since 2003. Local authorities changed its classification, which led to higher taxes. The building was auctioned off late last year, and the highest bid was $6.8 million.
