UAE Firm Acquires Majority Stake in First Women Bank
In a major step under Pakistan’s government-to-government (G2G) framework, the United Arab Emirates-based International Holding Company (IHC) has acquired 82.64% shares of First Women Bank Limited (FWBL) for Rs4.1 billion. The deal marks Pakistan’s first-ever bank privatisation through a bilateral mechanism.
The signing ceremony in Islamabad was attended by Prime Minister Shehbaz Sharif, Chief of Army Staff Field Marshal Asim Munir, Deputy Prime Minister Ishaq Dar, and senior government and UAE officials, including Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero.
Milestone in Pakistan–UAE Economic Partnership
Prime Minister Shehbaz Sharif called the transaction “the first drop of rain” in Pakistan’s renewed privatisation drive. He said the agreement reflects deep economic and diplomatic ties between the two nations.
“This deal marks the beginning of a journey of prosperity and shared growth between Pakistan and the UAE,” he said. He added that more such G2G investments would follow soon, “not in years, but in weeks.”
The prime minister praised Ishaq Dar and Privatisation Adviser Muhammad Ali for their leadership and perseverance in completing the deal after more than a year of negotiations.
Restructuring and Economic Revival
Sharif said the acquisition highlights the government’s resolve to reform loss-making state enterprises and promote private-sector-led growth. He reaffirmed that the bank’s founding mission, to empower women entrepreneurs, would continue under new management and capital investment. The focus, he added, will expand to agriculture, industry, and SME financing, driving inclusive economic growth.
IHC’s Investment and Confidence in Pakistan
IHC CEO Syed Basar Shueb said the acquisition reflects the UAE’s confidence in Pakistan’s economy and its vision for sustainable development. “We see tremendous potential in Pakistan’s financial sector,” he said. “Our goal is to modernise FWBL through digital transformation, automation, and AI integration.”
Under the deal, IHC will invest Rs6.8 billion over five years to meet the Rs10 billion minimum capital requirement, strengthening the bank’s balance sheet and national footprint.
Established in 1989 by former Prime Minister Benazir Bhutto, FWBL operates 42 branches across Pakistan, serving retail, SME, and corporate clients.
Privatisation Under New Legal Framework
The transaction is the first bank privatisation completed under the Inter-Governmental Commercial Transactions Act, 2022, which enables direct G2G investment without traditional tendering. Officials noted that the new model enhances transparency, efficiency, and strategic cooperation between partner countries.
This milestone comes as Pakistan advances its broader privatisation and reform agenda, focused on stabilising the economy, reducing debt, and restoring investor confidence.
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