The Competition Commission of Pakistan has granted approval for the proposed acquisition of First Women Bank Limited by Eve Holdings RSC Limited, clearing the transaction after conducting a Phase-I competition assessment under the Competition Act, 2010. The decision paves the way for the transfer of full ownership and control of the bank to the Abu Dhabi-incorporated holding company as part of Pakistan’s ongoing privatisation process.
According to the commission’s statement issued on February 23, 2026, the transaction is being executed pursuant to a Share Purchase Agreement signed under the government’s divestment framework. Eve Holdings RSC Limited, described as a special-purpose holding entity incorporated in Abu Dhabi, will acquire the entire shareholding of First Women Bank Limited from the Government of Pakistan along with existing institutional stakeholders. These shareholders include Habib Bank Limited, MCB Bank Limited, Allied Bank Limited, National Bank of Pakistan, and United Bank Limited.
First Women Bank Limited operates as a public unlisted commercial bank in Pakistan, providing banking and financial services with a mandate historically aligned toward supporting women’s financial inclusion. With the completion of the acquisition, Eve Holdings will assume full ownership and managerial control of the institution, marking a significant transition in its corporate structure and governance.
In its competition review, the CCP examined the potential impact of the transaction on the commercial banking market. The commission noted that First Women Bank Limited maintains a limited footprint within the broader banking landscape, while Eve Holdings does not currently operate in the relevant or related markets in Pakistan. On this basis, the transaction was categorized as a conglomerate merger rather than a horizontal or vertical integration that might consolidate market share within the same segment.
The assessment concluded that the proposed acquisition is unlikely to create or strengthen a dominant position, substantially lessen competition, or distort the competitive structure of the commercial banking market. As a result, the regulator authorized the transaction in accordance with statutory provisions, signaling regulatory comfort with the ownership transition.
The approval also underscores the regulatory framework governing mergers and acquisitions within Pakistan’s financial services industry, where oversight mechanisms are designed to balance market openness with competitive safeguards. By conducting a Phase-I review and determining the absence of competition risks, the CCP effectively affirmed that the change in ownership would not disrupt market equilibrium or limit consumer choice.
Beyond the technical clearance, the development reflects continued foreign investor engagement in Pakistan’s banking sector. The acquisition by an Abu Dhabi-based holding company aligns with broader trends of cross-border investment flows into financial institutions across emerging markets. In its statement, the CCP observed that the transaction highlights the importance of transparent privatisation processes and effective competition regulation in promoting foreign direct investment, reinforcing financial institutions, and supporting economic expansion.
With regulatory authorization now secured, the transaction moves closer to completion, subject to customary closing requirements. Once finalized, Eve Holdings RSC Limited will take full operational control of First Women Bank Limited, marking a new chapter for the institution within Pakistan’s evolving banking ecosystem.
The Competition Commission of Pakistan has granted approval for the proposed acquisition of First Women Bank Limited by Eve Holdings RSC Limited, clearing the transaction after conducting a Phase-I competition assessment under the Competition Act, 2010. The decision paves the way for the transfer of full ownership and control of the bank to the Abu Dhabi-incorporated holding company as part of Pakistan’s ongoing privatisation process.
According to the commission’s statement issued on February 23, 2026, the transaction is being executed pursuant to a Share Purchase Agreement signed under the government’s divestment framework. Eve Holdings RSC Limited, described as a special-purpose holding entity incorporated in Abu Dhabi, will acquire the entire shareholding of First Women Bank Limited from the Government of Pakistan along with existing institutional stakeholders. These shareholders include Habib Bank Limited, MCB Bank Limited, Allied Bank Limited, National Bank of Pakistan, and United Bank Limited.
First Women Bank Limited operates as a public unlisted commercial bank in Pakistan, providing banking and financial services with a mandate historically aligned toward supporting women’s financial inclusion. With the completion of the acquisition, Eve Holdings will assume full ownership and managerial control of the institution, marking a significant transition in its corporate structure and governance.
In its competition review, the CCP examined the potential impact of the transaction on the commercial banking market. The commission noted that First Women Bank Limited maintains a limited footprint within the broader banking landscape, while Eve Holdings does not currently operate in the relevant or related markets in Pakistan. On this basis, the transaction was categorized as a conglomerate merger rather than a horizontal or vertical integration that might consolidate market share within the same segment.
The assessment concluded that the proposed acquisition is unlikely to create or strengthen a dominant position, substantially lessen competition, or distort the competitive structure of the commercial banking market. As a result, the regulator authorized the transaction in accordance with statutory provisions, signaling regulatory comfort with the ownership transition.
The approval also underscores the regulatory framework governing mergers and acquisitions within Pakistan’s financial services industry, where oversight mechanisms are designed to balance market openness with competitive safeguards. By conducting a Phase-I review and determining the absence of competition risks, the CCP effectively affirmed that the change in ownership would not disrupt market equilibrium or limit consumer choice.
Beyond the technical clearance, the development reflects continued foreign investor engagement in Pakistan’s banking sector. The acquisition by an Abu Dhabi-based holding company aligns with broader trends of cross-border investment flows into financial institutions across emerging markets. In its statement, the CCP observed that the transaction highlights the importance of transparent privatisation processes and effective competition regulation in promoting foreign direct investment, reinforcing financial institutions, and supporting economic expansion.
With regulatory authorization now secured, the transaction moves closer to completion, subject to customary closing requirements. Once finalized, Eve Holdings RSC Limited will take full operational control of First Women Bank Limited, marking a new chapter for the institution within Pakistan’s evolving banking ecosystem.
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