The Competition Commission of Pakistan (CCP) has granted approval for the acquisition of First Women Bank Limited (FWBL) by Eve Holdings RSC Limited under a Share Purchase Agreement (SPA) signed as part of the government’s privatisation programme, following a Phase-I review conducted under the Competition Act, 2010.
In a statement issued on Monday, the commission said Eve Holdings RSC Limited the acquiring entity is a special-purpose holding company registered in Abu Dhabi, while First Women Bank Limited is a public, unlisted commercial bank in Pakistan that provides banking and financial services.
As part of the approved deal, Eve Holdings RSC Limited will purchase the entire shareholding of First Women Bank Limited from the Government of Pakistan along with institutional shareholders, including Habib Bank Limited, MCB Bank Limited, Allied Bank Limited, National Bank of Pakistan, and United Bank Limited.
Upon completion of the transaction, Eve Holdings will take full ownership and operational control of First Women Bank Limited.
According to CCP’s competition assessment, FWBL holds a relatively small share in the commercial banking sector, and the acquiring company currently has no operations in the same or related market. The commission therefore classified the deal as a conglomerate merger that does not pose competition-related risks.
The CCP determined that the acquisition is unlikely to establish or enhance market dominance, significantly reduce competition, or negatively impact the overall competitive landscape.
The commission subsequently approved the transaction in line with the Competition Act, 2010.
“This acquisition reflects continued foreign investor interest in Pakistan’s financial sector and highlights the importance of transparent privatisation and effective competition regulation in promoting foreign direct investment, strengthening financial institutions, and supporting economic growth,” CCP said.
