Business Desk 
Oct 17, 2025
Pakistan’s federal cabinet on Thursday approved the sale of First Women Bank Limited (FWBL) to the United Arab Emirates’ International Holding Company (IHC) for $14.6 million (Rs4.1 billion) under a government-to-government (G2G) deal.
The decision was made during a cabinet meeting chaired by Prime Minister Shehbaz Sharif. The sale grants IHC complete privatisation of the state-owned small commercial bank that was established in 1989 to support financial inclusion for women.
The buyer will also inject Rs6.8 billion over the next five years to meet the Rs10 billion minimum capital requirement set by the State Bank.
The agreement, approved under the Inter-Governmental Commercial Transactions (IGCT) Act 2022, excludes competitive bidding requirements.
The Privatisation Commission characterised it as a “small but significant transaction," as the buyer’s market position is significant.
The buyer has approximately $240 billion in total consolidated assets across 1,300 subsidiaries in various sectors, including finance, real estate, and technology.
Government officials said the sale price was greater than the reference valuation of Rs3.7 billion set earlier this week. The transaction is expected to be signed in Islamabad in the presence of the prime minister.
FWBL, which operates 42 branches across 24 cities, is being sold after almost 30 years of privatisation delay. The new owners plan to expand the bank to 200 branches in the medium term.
Officials said IHC, which is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, will be able to restructure up to 10% of the workforce immediately, but other employees will have job protection for at least 18 months.
