KARACHI: The Competition Commission of Pakistan (CCP) has approved the acquisition of First Women Bank Limited by Abu Dhabi-based Eve Holdings RSC Limited following a Phase-I review under the Competition Act, 2010.
The transaction forms part of Pakistan’s privatisation process and will see Eve Holdings 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, under a share purchase agreement.
Eve Holdings is a special purpose holding company incorporated in Abu Dhabi. First Women Bank is a public unlisted commercial bank engaged in providing banking and financial services in Pakistan. Upon completion of the deal, Eve Holdings will assume full ownership and control of the bank.
In its assessment, the CCP said the target has a limited presence in the commercial banking market, while the acquirer has no existing operations in the relevant or related markets. The transaction therefore constitutes a conglomerate merger and does not raise competition concerns.
The commission concluded that the deal is unlikely to create or strengthen a dominant position, substantially lessen competition or adversely affect the competitive structure of the market, and has authorised the transaction in accordance with the Competition Act, 2010.
