UAE's IHC acquires major stake in Pakistan's First Women Bank
In a landmark move strengthening UAE–Pakistan economic relations, Abu Dhabi-based International Holding Company (IHC) has acquired a majority stake in First Women Bank Limited (FWBL), a state-owned bank headquartered in Karachi. The acquisition was finalized under Pakistan’s Inter-Governmental Commercial Transactions Act of 2022, marking the country’s first bank privatization under a government-to-government (G2G) framework.
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, underscoring the significance of the transaction in bilateral relations.
This strategic investment reflects the UAE’s growing confidence in Pakistan’s financial sector and its ongoing reform agenda. It also paves the way for deeper collaboration and increased investment between the two nations.
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expresses interest in privatization of First Women Bank
Founded in 1989, FWBL operates as a full-service commercial bank with a national network of 42 branches, serving retail, SME, and corporate customers. IHC’s investment signals a pivotal step in its broader strategy to strengthen financial institutions that support inclusive growth and sustainable development.
As part of the acquisition, IHC will ensure FWBL meets the Minimum Capital Requirement (MCR), reinforcing the bank’s financial foundation and enabling its expansion across Pakistan. The company plans a major transformation initiative to turn FWBL into a modern, AI-enabled institution. This will include upgrading core banking systems, automating operations, and integrating digital channels powered by advanced analytics and artificial intelligence to enhance efficiency and customer experience.
Talent development will be central to this transformation, with a focus on building capabilities, fostering a performance-driven culture, and driving innovation across the organization. A comprehensive rebranding is also planned, including a new name and identity that reflect the bank’s broadened mission to promote financial inclusion and serve a wider customer base.
Commenting on the acquisition, Syed Basar Shueb, CEO of IHC, said:
“Our investment in First Women Bank Limited demonstrates IHC’s confidence in Pakistan’s financial future and our shared vision for sustainable economic progress. We see strong potential in Pakistan’s banking sector and are committed to supporting the bank’s modernization through cutting-edge technology and AI integration. This partnership represents a joint commitment by the UAE and Pakistan to drive financial innovation, build robust institutions, and create long-term value.”
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nearing finalization of First Women Bank privatization
This acquisition follows IHC subsidiary International Resources Holding’s (IRH) joint venture with the Government of Balochistan and local partners in February 2025. Together, these initiatives reinforce IHC’s commitment to driving technology-led growth, strengthening bilateral economic ties, and contributing to global economic connectivity.
Source: Khaleej Times