The United Arab Emirates’ (UAE) International Holding Company (IHC) has finalized a landmark deal to acquire 85% of shares in Pakistan’s First Women Bank Limited (FWBL), ARY News reported on Friday, citing official sources.
FWBL, established in 1989, is currently 82.64% owned by the Government of Pakistan. The acquisition was completed under the Inter-Governmental Commercial Transactions Act, 2022, following successful government-to-government (G2G) negotiations between Pakistan and the UAE.
According to details, IHC will acquire the 84% stake in FWBL for $14.6 million (approximately Rs4.1 billion). The agreement is expected to be formally signed later today.
The UAE government has shown strong interest in broadening its investment footprint in Pakistan, and this acquisition marks another step in strengthening economic ties between the two nations.
The special cabinet committee, chaired by the Deputy Prime Minister, has already granted initial approval for the transaction. The federal cabinet, led by Prime Minister Shehbaz Sharif, has also endorsed the deal.
Earlier this month, Pakistan’s Privatisation Commission (PC) Board recommended a reference price for the sale of FWBL to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), marking a major step forward in the ongoing G2G privatisation process.
