The Competition Commission of Pakistan (CCP) has approved the proposed acquisition of First Women Bank Limited by Eve Holdings RSC Limited, pursuant to a Share Purchase Agreement (SPA) executed as part of the privatisation process, following a Phase-I competition assessment under the Competition Act, 2010.
According to a statement released on Monday, Eve Holdings RSC Limited, the acquirer, is a special-purpose holding company incorporated in Abu Dhabi. Whereas, First Women Bank Limited, the target, is a public unlisted commercial bank in Pakistan engaged in providing banking and financial services.
Under the approved transaction, Eve Holdings RSC Limited will acquire the entire shareholding of First Women Bank Limited from the Government of Pakistan and existing institutional shareholders, including Habib Bank Limited, MCB Bank Limited, Allied Bank Limited, National Bank of Pakistan, and United Bank Limited.
UAE’s IHC acquires 82.64pc stake in FWBL
Upon completion, Eve Holdings will assume full ownership and control of First Women Bank Limited.
CCP’s competition assessment noted that the target has a limited presence in the commercial banking market, while the acquirer does not have any existing operations in the relevant or related market. The transaction, therefore, constitutes a conglomerate merger and does not raise competition concerns.
The commission concluded that the proposed transaction is not likely to create or strengthen a dominant position, substantially lessen competition, or adversely affect the competitive structure of the market.
Accordingly, the CCP has authorised the transaction in accordance with the provisions of 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.
American Dollar Exchange Rate