Business Desk 
Oct 11, 2025
Pakistan has taken another major step in its privatisation drive, with the government approving the reference price for the sale of First Women Bank Limited (FWBL) to a United Arab Emirates (UAE) government-nominated investor.
The resolution was determined during the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) meeting, where it was presided over by Deputy Prime Minister and Foreign Minister Ishaq Dar.
Notably, this development will allow formal discussions with the Abu Dhabi International Holding Company (IHC) that the UAE government has put forth to invest in the bank.
Reportedly, the reference price will be revealed when they open the offer price next week. This indicates that significant advancement is being made toward a potential G2G deal that will bring FDI and confidence in Pakistan's economic reforms.
Founded in 1989, the FWBL is over 82.64% owned by the Government of Pakistan and has been identified for strategic divestment for many years as a way to improve operational efficiencies within controlled banking.
Not long ago, the Privatisation Commission (PC) Board Director Muhammad Ali identified reference pricing to the CCoIGCT. This committee also looked at other previously initiated privatisation plans with the scope to improve transparency, effectiveness and confidence.
In another significant decision, the PC Board declared a consortium led by Raiffeisen submitted the highest-ranked bid to act as financial advisor for the privatisation of Hesco Hyderabad Electric Supply Company and Sepco Sukkur Electric Power Company.
Competing consortia involved in the international tender that was launched in June 2025 included Baker Tilly, Alvarez and Marsal and EY (Ernst & Young).
