The government of Pakistan has decided to divest its 82 percent stake in the First Women Bank Limited to the UAE government, reported Karachi-based ARY News channel.

The transaction will occur at a government-to-government level, pending approval from the UAE.

Following the sale, the State Bank of Pakistan will issue a new license to the bank. 

The sale price and agreement finalisation will be overseen by an eight-member cabinet committee appointed by the government.

The privatisation process of the Karachi-based bank was initiated in 2015. It primarily provides financial assistance to women.

(Editing by Seban Scaria seban.scaria@lseg.com)