IHC, a global investment company focused on building dynamic value networks, has announced the acquisition of a majority stake in the state-owned First Women Bank Limited (FWBL), based in Karachi, Pakistan. The deal follows a successful privatization process conducted under Pakistan’s Inter-Governmental Commercial Transactions Act of 2022.
The announcement was made in the presence of H.H. Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, and Muhammad Shehbaz Sharif, Prime Minister of the Islamic Republic of Pakistan.
This transaction marks Pakistan’s first bank privatization under a G2G framework, highlighting the deepening economic partnership between the United Arab Emirates and Pakistan. It demonstrates the UAE’s growing confidence in Pakistan’s financial sector and reform agenda, while paving the way for enhanced bilateral cooperation and future investments.
Established in 1989, FWBL operates as a full-fledged commercial bank with 42 branches nationwide, providing a broad range of retail, SME, and corporate banking services. IHC’s investment represents an important milestone in its strategy to build resilient financial institutions that drive inclusive growth and expand business operations across key emerging markets.
Following the acquisition, IHC plans to ensure that the Bank meets the Minimum Capital Requirement (MCR) to strengthen its capital base and support expansion. The transformation strategy will emphasize AI-driven modernization, including upgrading core banking infrastructure, automating key processes, and integrating digital channels with advanced analytics and artificial intelligence to enhance service efficiency and decision-making.
In addition, IHC will invest heavily in people and talent development, fostering a performance-driven culture that encourages innovation and scalability. The Bank will also undergo a rebranding initiative, adopting a new identity that aligns with its expanded mandate to promote financial inclusion and serve all customer segments across Pakistan.
Syed Basar Shueb, CEO of IHC, stated:
“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 modernization 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 joint venture signed in February 2025 by International Resources Holding (IRH), an IHC subsidiary, with the Government of Balochistan and local partners. Together, these strategic initiatives reinforce IHC’s long-term vision of fostering sustainable growth, advancing technology-driven transformation, and strengthening global economic connectivity.
