Abu Dhabi-based International Holding Company (IHC) has acquired a majority stake in Pakistan’s state-owned First Women Bank Limited (FWBL) following a successful privatisation process under the country’s Inter-Governmental Commercial Transactions Act of 2022. The agreement, finalised in Karachi, marks a landmark step in strengthening economic cooperation between the United Arab Emirates and Pakistan.
The announcement was made in the presence of Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, and Pakistan’s Prime Minister Muhammad Shehbaz Sharif. The transaction represents the first-ever privatisation of a Pakistani bank under a government-to-government (G2G) framework, signalling renewed investor confidence in Pakistan’s banking sector and reform efforts.
Established in 1989, First Women Bank Limited operates as a full-fledged commercial bank with 42 branches across the country, offering retail, SME, and corporate banking services. The acquisition by IHC — one of the world’s most diversified investment companies — marks a major milestone in its strategy to expand into emerging markets and strengthen financial institutions that promote sustainable economic growth.
Following the takeover, IHC plans to recapitalise FWBL to meet Pakistan’s Minimum Capital Requirement (MCR), ensuring a stronger financial base and enabling expansion across the country. The company aims to transform the bank into a modern, technology-driven institution by upgrading its core banking systems, automating operations, and integrating digital platforms powered by advanced analytics and artificial intelligence.
As part of its transformation plan, IHC will also focus on talent development and capacity building within the bank, fostering a performance-driven culture and enhancing service delivery. A rebranding initiative is also in the pipeline, which will see the bank adopt a new name and identity to reflect its broader mission of serving all customer segments and promoting financial inclusion nationwide.
Commenting on the acquisition, Syed Basar Shueb, CEO of IHC, said: “Our investment in First Women Bank Limited reflects IHC’s confidence in Pakistan’s financial potential and our shared vision for long-term economic growth. We aim to support the bank’s modernisation journey by leveraging technology, automating processes, and advancing the use of AI in financial decision-making.”
The deal comes months after International Resources Holding (IRH), an IHC subsidiary, entered a joint venture with the Government of Balochistan and local partners in February 2025. Together, these strategic investments highlight the UAE’s growing economic footprint in Pakistan and reaffirm IHC’s commitment to advancing sustainable growth, technological transformation, and cross-border economic collaboration.