The United Arab Emirates (UAE)-based International Holding Company (IHC) has finalized a deal to acquire an 85% stake in First Women Bank Limited (FWBL), marking a significant development in Pakistan’s banking sector.
According to official sources, the agreement between Pakistan and the UAE was concluded under the Inter-Governmental Commercial Transactions Act, 2022. The First Women Bank acquisition is valued at $14.6 million, approximately Rs4.1 billion, highlighting the UAE’s growing interest in expanding its investment footprint in Pakistan.
Established in 1989, First Women Bank was created to promote women’s economic empowerment and financial inclusion. The institution is currently 82.64% owned by the Government of Pakistan. The transfer of majority ownership to the UAE’s IHC is seen as part of Pakistan’s broader privatisation efforts to attract foreign investment and boost economic cooperation.
Government sources revealed that the final agreement for the acquisition will be signed today after both sides completed all formalities. The federal cabinet, led by Prime Minister Shehbaz Sharif, and the special cabinet committee chaired by the deputy prime minister, have both approved the transaction.
Earlier this month, the Privatisation Commission (PC) Board had recommended a reference price for the sale of First Women Bank to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT). This recommendation paved the way for the finalisation of the government-to-government (G2G) deal.
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Analysts believe the move will help bring new investment, innovation, and efficiency into Pakistan’s banking industry while strengthening ties between Islamabad and Abu Dhabi. The acquisition also reflects growing confidence among international investors in Pakistan’s ongoing economic reforms and privatisation agenda.
