Abu Dhabi-based International Holding Company (IHC) has acquired a controlling stake in First Women Bank Limited (FWBL), a state-owned commercial bank in Pakistan, marking the first bank privatization in the country under a government-to-government framework.
The acquisition was carried out through Pakistan’s Inter-Governmental Commercial Transactions Act of 2022 and was finalized during a high-level meeting attended by H.H. Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, and Pakistan’s Prime Minister Muhammad Shehbaz Sharif.
First bank privatization
This is the first time a Pakistani bank has been privatized under the G2G structure, signaling a deeper economic partnership between the UAE and Pakistan. The move is also seen as a vote of confidence from the UAE in Pakistan’s financial sector reforms.
Founded in 1989, FWBL operates 42 branches across Pakistan, providing retail, SME, and corporate banking services. The acquisition gives IHC a platform to expand its footprint in the region’s financial services industry.
Focus on modernization
Post-acquisition, IHC plans to meet the bank’s Minimum Capital Requirement (MCR), allowing for business expansion and modernization. The company aims to transform FWBL into a tech-driven institution with investments in AI, digital banking, and process automation.
The bank will also undergo a rebranding process, adopting a new name and identity to reflect a wider mandate beyond its original focus on women.
In addition to technology upgrades, IHC plans to invest in talent development and capacity building, aiming to build a performance-based culture. The goal is to scale operations and drive financial inclusion throughout Pakistan.
Strategic economic ties
Syed Basar Shueb, CEO of 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. We see strong potential in the country’s financial sector and look forward to supporting the Bank’s modernization journey by leveraging technology, automating banking processes, and advancing the use of AI in financial decision-making. This acquisition represents a shared commitment between the UAE and Pakistan to drive innovation, strengthen financial infrastructure, and deliver sustainable value creation.”
The deal follows another major agreement signed in February 2025 by IHC subsidiary International Resources Holding (IRH), which entered into a joint venture with the Government of Balochistan and local partners. Both initiatives reflect growing UAE–Pakistan cooperation in finance, resources, and infrastructure.
tanvir@dubainewsweek.com
