International Holding Company (IHC) has announced the acquisition of an 82.64 per cent stake in First Women Bank Limited (FWBL), a Pakistani state-owned bank with headquarters in Karachi, following a successful privatisation process conducted under Pakistan’s Inter-Governmental Commercial Transactions Act 2022.
The announcement was made in the presence of His Highness Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, and His Excellency Muhammad Shehbaz Sharif, Prime Minister of the Islamic Republic of Pakistan.
This landmark transaction marks the first privatisation of a bank in Pakistan under a government-to-government framework, underscoring the strong and growing economic partnership between the UAE and Pakistan. It reflects the UAE’s confidence in Pakistan’s financial sector and reform agenda, while paving the way for greater cooperation and investment between the two nations.
Established in 1989, FWBL operates as a fully-fledged commercial bank with a nationwide presence of 42 branches, offering a comprehensive range of retail, small and medium-sized enterprises (SME), and corporate banking services. IHC’s investment represents a significant milestone in its strategy to build and strengthen resilient financial institutions that promote inclusion, empowerment and sustainable growth.
Following the acquisition, IHC will ensure that the bank meets the minimum capital requirement, strengthening its capital base and enabling expansion of operations and its footprint across Pakistan. The transformation strategy will focus on creating a future-ready, technology-enabled financial institution by modernising core banking infrastructure, automating processes, and integrating digital channels with advanced analytics and artificial intelligence to deliver faster, smarter and more efficient services.
A key component of this transformation will be investment in people, driving talent development, capacity building, and a performance-driven culture to empower teams and deliver innovative solutions at scale. The bank will also 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 and Managing Director of International Holding Company (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 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 follows the landmark joint venture signed in February 2025 by International Resources Holding (IRH), another IHC subsidiary, with the Government of Balochistan and local partners, further deepening UAE-Pakistan economic cooperation across key sectors. Together, these strategic initiatives reaffirm IHC’s long-term vision of fostering sustainable growth, advancing technology-driven transformation and strengthening global economic connectivity.
