HomeNationalPrivatization of First Women Bank to strengthen Pakistan, UAE economic partnership: PM

Privatization of First Women Bank to strengthen Pakistan, UAE economic partnership: PM

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ISLAMABAD, Oct 17 (APP): Prime Minister Muhammad Shehbaz Sharif Friday said privatization of First Women Bank will be followed by more economic partnerships and joint ventures between Pakistan and the United Arab Emirates, bringing dividends to both sides in diverse fields.

He was addressing the signing ceremony for the acquisition of majority stake of The First Women Bank by International Holding Company (IHC) of United Arab Emirates under a government to government framework.

Privatization of First Women Bank to strengthen Pakistan, UAE economic partnership: PM

Chairman of 2PointZero Sheikh Zayed bin Hamdan bin Zayed Al Nahyan and a delegation from UAE attended the ceremony.

Deputy Prime Minister and Foreign Minister Ishaq Dar, Field Marshal Syed Asim Munir, government ministers, parliamentarians and high ranking officials attended the ceremony.

Privatization of First Women Bank to strengthen Pakistan, UAE economic partnership: PM

The Prime Minister thanked the leadership of United Arab Emirates for its commitment to support Pakistan’s economy through joint ventures and promotion of trade, making it a win win situation for both countries.

He said privatization of the First Women Bank was the first drop of rain and will be a beginning of very long happy journey towards building economic relations between Pakistan and the United Arab Emirates.

He said the privatization process of First Women Bank began in 2024 and successfully concluded because of determined and focused efforts led by Deputy Prime Minister Ishaq Dar and Advisor to PM on Privatization Muhammad Ali and his team which seamlessly clinched the deal.

Field Marshal Syed Asim Munir strategically supported endeavours of the government, he noted.

The Prime Minister said the First Women Bank which was working for female entrepreneurs and businesswomen will provide a great opportunity to women to grow in their respective fields such as agriculture and industry.

The Women Bank will grow by leaps and bounds because of the professional management and visionary leadership, he said adding, “This is the beginning of a journey of happiness, progress and prosperity for Pakistan and the United Arab Emirates.”

He pointed out that many more projects were under discussion between the two countries, which will come to fruition in coming months.

He said the government was eagerly working to restructure the state owned enterprises which were not operating efficiently.

The government will act as a catalyst and under the reform process will actively support the private sector in running businesses, he mentioned.

Advisor to the Prime Minister on Privatization Muhammad Ali spoke about the government’s ongoing efforts for the privatization of state owned entities.

In his remarks, Syed Basar Shueb, CEO of IHC said, “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.”

He said, “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,” he added.

According to a press release, International Holding Company (IHC) is a global investment company focused on building dynamic value networks and has acquired the stake in bank following a successful privatization process conducted under Pakistan’s Inter-Governmental Commercial Transactions Act of 2022.

This landmark transaction marks the first privatization of a bank in Pakistan under a G2G framework, underscoring the strong and growing economic partnership between the United Arab Emirates and Pakistan. It reflects the UAE’s confidence in Pakistan’s financial sector and reform agenda, while paving the way for greater cooperation and investment between the two nations.

Established in 1989, First Women Bank operates as a full-fledged commercial bank with a nationwide presence of 42 branches, offering a comprehensive range of retail, SME, and corporate banking services.

IHC’s investment in Pakistan’s financial and banking sectors represents a significant milestone in its strategy to build and strengthen resilient financial institutions that support comprehensive growth strategies and enable the full expansion of business operations.

Following the acquisition, IHC will ensure that the bank meets the Minimum Capital Requirement (MCR), strengthening its capital base and enabling expansion of operations and its footprint across Pakistan. The transformation strategy will focus on creating a modern AI-enabled financial institution by modernizing core banking infrastructure, automating processes, and integrating digital channels with advanced analytics and artificial intelligence to deliver faster, smarter, and more efficient services.

A key component of this transformation will be investment in people, driving talent development, capacity building, and a performance-driven culture to empower teams and deliver innovative solutions at scale. The bank will also undergo a rebranding exercise, adopting a new name and identity to reflect its broader mandate to serve all segments of society and accelerate financial inclusion across the country.

The acquisition follows the landmark joint venture signed in February 2025 by International Resources Holding (IRH), another IHC subsidiary, with the government of Balochistan and local partners, further deepening UAE–Pakistan economic cooperation across key sectors. Together, these strategic initiatives reaffirm IHC’s long-term vision of fostering sustainable growth, advancing technology-driven transformation, and strengthening global economic connectivity.

Established in 1999, IHC has become the most valuable holding company in the Middle East and one of the world’s largest investment firms, with a market capitalization of AED 881.6 billion (USD 239.9 billion).

Since then, it has transformed to represent a new generation of investors. IHC’s commitment to sustainability, innovation, and economic diversification spans over 1,300 subsidiaries, driving growth across industries like asset management, healthcare, real estate, financial services, IT and more.

IHC continually looks beyond the stand-alone value of its assets for opportunities, stepping outside of traditional approaches and artificial barriers to unlock opportunities across its portfolio, enabling sector-agnostic Dynamic Value Networks and creating results that are often much greater than the sum of their parts.

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