The United Arab Emirates’ International Holding Company (IHC) has finalized a deal to acquire a majority stake in First Women Bank Limited (FWBL), marking a major milestone in Pakistan’s ongoing privatization drive and strengthening economic ties between Islamabad and Abu Dhabi.
According to reliable sources cited by ARY News, the UAE-based IHC has successfully acquired 85 percent of the shares in FWBL for an estimated $14.6 million (around Rs4.1 billion). The agreement follows extensive government-to-government (G2G) negotiations between Pakistan and the UAE under the Inter-Governmental Commercial Transactions Act, 2022.
Established in 1989, First Women Bank Limited was founded with a vision to empower women entrepreneurs and enhance financial inclusion. The bank, previously 82.64 percent owned by the Government of Pakistan, will now see a majority of its ownership transition to the UAE’s IHC, reflecting a strategic shift towards foreign-led investment and modernization in Pakistan’s banking sector.
Officials familiar with the matter confirmed that the formal signing ceremony of the acquisition agreement will take place today, following the approval granted by Pakistan’s Special Cabinet Committee, chaired by the Deputy Prime Minister. The federal cabinet, under Prime Minister Shehbaz Sharif, has also given its final endorsement for the transaction.
The move underscores the UAE’s continued interest in expanding its investment portfolio in Pakistan, particularly in key sectors such as finance, infrastructure, and energy. The acquisition is being viewed as a signal of confidence in Pakistan’s financial system and the government’s ongoing efforts to attract foreign direct investment through transparent privatization measures.
Earlier this month, the Privatisation Commission (PC) Board of Pakistan had recommended a reference price for FWBL’s privatisation to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT). This approval paved the way for the finalization of the deal with IHC.
The acquisition is expected to bring fresh capital, technological upgrades, and international banking expertise to FWBL, enabling it to expand its outreach and improve financial accessibility for women across Pakistan.
Analysts believe that this agreement could pave the way for more strategic bilateral investments between Pakistan and the UAE, supporting Pakistan’s broader economic recovery goals and enhancing cross-border business cooperation.
The deal also reflects Pakistan’s commitment to promoting women’s empowerment within the banking system while aligning with its wider financial inclusion and privatisation policies.
