The United Arab Emirates (UAE) International Holding Company (IHC) has successfully finalised an agreement to acquire 85% of the shares of First Women Bank Limited (FWBL) in Pakistan.
FWBL, established in 1989, is currently 82.64% owned by the Government of Pakistan. The sale is part of ongoing negotiations under the Inter-Governmental Commercial Transactions Act, 2022, between Pakistan and the UAE government’s nominated entity.
Sources revealed that the UAE government has shown a strong interest in expanding its investment portfolio in Pakistan, with the acquisition marking a key step in strengthening economic ties between the two nations.
According to ARY News, IHC has successfully reached a deal to buy 84% of FWBL shares for $14.6 million (approximately Rs4.1 billion).
The acquisition deal was finalised following successful government-to-government (G2G) negotiations between Pakistan and the UAE.
Sources added that the formal signing of the agreement for the acquisition of FWBL is expected to take place today.
The special cabinet committee, chaired by the Deputy Prime Minister, has already given initial approval for the transaction, while the federal cabinet, led by Prime Minister Shehbaz Sharif, has also endorsed the agreement.
Earlier this month, the Privatisation Commission (PC) Board of Pakistan recommended a reference price for the privatisation of FWBL to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT).
This marked an important milestone in the Government-to-Government (G2G) privatisation process, paving the way for the deal’s finalisation.
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