IHC, Abu Dhabi’s global investment company and the most valuable company listed on Abu Dhabi Securities Exchange (ADX), has acquired a majority stake in Pakistan’s state-owned First Women Bank Limited (FWBL) – the first privatisation of a bank in the country under a G2G framework.
The Karachi-based bank’s privatisation was done under Pakistan’s Inter-Governmental Commercial Transactions Act of 2022.
FWBL was established in 1989 and operates as a full-fledged commercial bank with 42 branches in the country, offering a comprehensive range of retail, SME, and corporate banking services.
Financial details of the deal were not disclosed, but IHC said that the Bank will undergo a rebranding exercise, adopting a new name and identity to reflect its broader mandate to serve all segments of society and accelerate financial inclusion across the country.
Syed Basar Shueb, CEO of IHC, commented: “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 modernisation 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 acquisition underscores the UAE’s strong and growing economic partnership with Pakistan and reflects the UAE’s confidence in Pakistan’s financial sector and reform agenda.
Muhammad Shehbaz Sharif, Prime Minister of the Islamic Republic of Pakistan, was present at the announcement, which was also attended by Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero.
IHC will ensure that the Bank meets the Minimum Capital Requirement (MCR), strengthening its capital base and enabling expansion of operations and its footprint across Pakistan. Creating an AI-enabled financial institution will modernise core banking infrastructure, automating processes, and integrating digital channels to deliver faster and smarter services.
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