The Competition Commission of Pakistan (CCP) has approved the proposed acquisition of First Women Bank Limited by Eve Holdings RSC Limited under a Share Purchase Agreement (SPA) signed as part of the privatisation process. The decision follows a Phase-I competition review carried out under the Competition Act, 2010.

In a statement issued on Monday, the CCP said Eve Holdings RSC Limited, the acquiring entity, is a special-purpose holding company incorporated in Abu Dhabi. First Women Bank Limited, the target company, is a public unlisted commercial bank in Pakistan that provides banking and financial services.

Under the terms of the approved transaction, Eve Holdings RSC Limited will purchase the entire shareholding of First Women Bank Limited from the Government of Pakistan and existing institutional shareholders. These include Habib Bank Limited, MCB Bank Limited, Allied Bank Limited, National Bank of Pakistan and United Bank Limited. Once the deal is completed, Eve Holdings will take full ownership and control of First Women Bank Limited.

The CCP said its competition assessment found that First Women Bank Limited has a limited presence in Pakistan’s commercial banking market, while Eve Holdings RSC Limited does not operate in the same or related markets. As a result, the transaction has been classified as a conglomerate merger and is not expected to raise competition concerns.

The commission concluded that the acquisition is unlikely to create or strengthen a dominant position, reduce competition in a substantial way, or harm the overall competitive structure of the market. The transaction has therefore been authorised in line 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.