IHC Acquires Majority Stake in Pakistan’s First Women Bank

IHC, a global investment company, has announced that it has acquired a majority stake in First Women Bank Limited (FWBL) in Karachi, Pakistan. This comes after a successful privatization process under Pakistan’s Inter-Governmental Commercial Transactions Act of 2022.

The announcement was made during a ceremony attended by H.H. Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, and Muhammad Shehbaz Sharif, Prime Minister of Pakistan. This deal marks the first bank privatization in Pakistan under a government-to-government framework, highlighting the growing economic partnership between the UAE and Pakistan. It also shows the UAE’s confidence in Pakistan’s financial sector and its reforms.

Founded in 1989, FWBL has 42 branches across Pakistan and offers a full range of banking services for individuals, small and medium businesses (SMEs), and corporations. IHC’s investment is part of its strategy to strengthen financial institutions and support growth in the banking sector.

After the acquisition, IHC will work to ensure FWBL meets the Minimum Capital Requirement (MCR). This will help expand the bank’s operations across Pakistan. IHC plans to transform FWBL into a modern, AI-driven bank by upgrading its core systems, automating processes, and integrating digital banking with advanced analytics and artificial intelligence. This will allow faster, smarter, and more efficient banking services.

A key part of the plan is investing in people. The bank will focus on training staff, building talent, and encouraging a performance-driven culture to deliver innovative solutions. FWBL will also be rebranded with a new name and identity to reflect its goal of serving all segments of society and improving financial inclusion in Pakistan.

Syed Basar Shueb, CEO of IHC, said the investment shows IHC’s confidence in Pakistan’s financial sector and long-term economic growth. He added that the modernization, AI integration, and digital transformation will strengthen the country’s banking infrastructure and support sustainable development.

This acquisition follows IHC’s earlier joint venture in Balochistan, further enhancing UAE-Pakistan economic cooperation. These steps reflect IHC’s long-term vision of promoting growth, technology-driven transformation, and global economic connections.