Abu Dhabi’s International Holding Company (IHC) said it has acquired a majority stake in state-owned First Women Bank Ltd (FWBL) after Pakistan completed a government-to-government privatisation under its Inter-Governmental Commercial Transactions Act of 2022.
The announcement, at a ceremony attended by Sheikh Zayed bin Hamdan bin Zayed Al Nahyan and Pakistani Prime Minister Shehbaz Sharif, marks the first bank privatisation in Pakistan via a G2G framework, IHC said in a statement.
Founded in 1989, Karachi-based FWBL operates as a full-service commercial bank with 42 branches nationwide serving retail, small business and corporate customers.
IHC said the investment reflects growing economic ties between the United Arab Emirates and Pakistan and its strategy to build resilient financial institutions.
IHC did not disclose financial terms or the size of the stake. Following completion, the company said it would ensure FWBL meets Pakistan’s minimum capital requirement, strengthen the balance sheet and expand operations.
Plans include upgrading core systems, automating processes and integrating digital channels with analytics and artificial intelligence to speed up service delivery.
The investor also flagged a rebranding to reflect a broader mandate beyond FWBL’s original focus, with emphasis on financial inclusion. Talent development and a performance-driven culture would be central to the turnaround, 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,” IHC Chief Executive Syed Basar Shueb said. “We see strong potential in the country’s financial sector and look forward to supporting the bank’s modernisation journey by leveraging technology.”
The transaction follows a February joint venture signed by International Resources Holding, an IHC subsidiary, with the Government of Balochistan, part of a series of UAE–Pakistan initiatives aimed at deepening cooperation across key sectors.
IHC, one of the Middle East’s largest listed investment firms, had a market capitalisation of about 882 billion dirhams ($240 billion), with holdings spanning asset management, healthcare, real estate, financial services and technology, as of filings.
