ISLAMABAD – The United Arab Emirates (UAE) International Holding Company (IHC) has successfully finalised a deal to acquire 85% shares of First Women Bank Limited (FWBL) in Pakistan, sources told ARY News on Friday.
FWBL, incorporated in 1989, is 82.64% owned by the Government of Pakistan. The acquisition was made for $14.6 million (around Rs 4.1 billion). The deal was concluded after successful government-to-government negotiations under the Inter-Governmental Commercial Transactions Act, 2022.
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The special cabinet committee, chaired by the Deputy Prime Minister, granted initial approval for the transaction, which was later endorsed by the federal cabinet under Prime Minister Shehbaz Sharif.
Earlier this month, the Privatisation Commission (PC) Board recommended a reference price for FWBL’s privatisation, marking a key step in the G2G process. The formal signing of the agreement is expected today, signalling a major step in UAE investment and Pakistan’s privatisation efforts.