Abu Dhabi’s International Holding Company (IHC) has acquired a controlling stake in Pakistan’s First Women Bank Limited (FWBL), marking a milestone as the first-ever bank privatisation
completed through a government-to-government (G2G) framework under Pakistan’s Inter-Governmental Commercial Transactions Act of 2022.
The deal was announced during a ceremony attended by Sheikh Zayed bin Hamdan bin Zayed Al Nahyan and Prime Minister Shehbaz Sharif, underscoring the growing economic cooperation between the United Arab Emirates and Pakistan.
Founded in 1989 and headquartered in Karachi, FWBL is a full-service commercial bank with 42 branches across the country, catering to retail, SME, and corporate clients. Originally established to support women entrepreneurs, the bank now aims to broaden its reach and offerings under new leadership.
While IHC did not reveal the transaction’s value or the size of its stake, the company confirmed it would help FWBL meet Pakistan’s minimum capital requirements, strengthen its balance sheet, and expand its operations.
IHC’s plan includes modernising the bank’s core systems, automating key processes, and adopting digital banking technologies — including analytics and artificial intelligence — to improve efficiency and customer experience.
A rebranding is also on the horizon. The bank’s refreshed identity will reflect a wider mission of financial inclusion, going beyond its original focus on women’s banking. IHC said that investing in people, building a performance-driven culture, and nurturing local talent will be central to FWBL’s transformation.
“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,” said Syed Basar Shueb, IHC’s Chief Executive. “We see strong potential in the country’s financial sector and look forward to supporting the bank’s modernisation journey through technology.”
The acquisition follows an earlier agreement in February between International Resources Holding — an IHC subsidiary — and the Government of Balochistan, as part of a broader series of UAE–Pakistan partnerships designed to strengthen cooperation across energy, mining, and financial sectors. Photo by Rachel Clayton/Department for International Development, Wikimedia commons.
As of recent filings, IHC remains one of the largest listed investment firms in the Middle East, boasting a market capitalization of around 882 billion dirhams ($240 billion). Its diverse portfolio spans asset management, healthcare, real estate, financial services, and technology.
