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 executed as part of the privatization process.
The approval follows a Phase I competition assessment conducted under the Competition Act, 2010.
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 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. Upon completion of the transaction, Eve Holdings will assume full ownership and control of First Women Bank Limited.
The CCP’s competition assessment noted that First Women Bank Limited has a limited footprint in the commercial banking market, while Eve Holdings does not have any existing operations in the relevant or related markets. As a result, the transaction qualifies as a conglomerate merger and does not raise competition concerns.
The Commission concluded that the acquisition is unlikely to create or strengthen a dominant market position, substantially lessen competition, or adversely affect the competitive structure of the banking sector. Accordingly, the transaction has been authorized under the provisions of the Competition Act, 2010.