UAE–Pakistan ties: Abu Dhabi’s IHC acquires majority stake in First Women Bank

Abu Dhabi: International Holding Company (IHC) has acquired a majority stake in Pakistan’s state-owned First Women Bank Limited (FWBL) following a privatisation process under Pakistan’s Inter-Governmental Commercial Transactions Act of 2022.

The announcement was made in the presence of Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, and Muhammad Shehbaz Sharif, Prime Minister of Pakistan.

The deal marks the first bank privatisation in Pakistan under a government-to-government framework, highlighting the strengthening economic partnership between the UAE and Pakistan.

Founded in 1989, FWBL operates 42 branches across Pakistan, offering retail, SME, and corporate banking services. IHC’s acquisition aims to boost the bank’s capital, expand its operations nationwide, and modernise services with AI-driven technology and digital banking solutions.

Planned modernisation includes:

• Upgrading core banking infrastructure and automating processes.

• Integrating AI and advanced analytics to enhance efficiency.

• Investing in talent development and fostering a performance-driven culture.

• Rebranding the bank to reflect a wider mandate and promote financial inclusion.

“Our investment in First Women Bank reflects IHC’s confidence in Pakistan’s financial sector and our shared vision for sustainable growth. We look forward to supporting the bank’s modernisation through technology and AI, driving innovation and long-term value creation,” said Syed Basar Shueb, CEO of IHC.

The acquisition follows IHC subsidiary International Resources Holding’s (IRH) joint venture with the Government of Balochistan and local partners in February 2025, further reinforcing UAE–Pakistan economic cooperation.

These initiatives reflect IHC’s strategy to foster sustainable growth, drive technology-led transformation, and strengthen global economic connectivity.