Prime Minister Shehbaz Sharif, Field Marshal Syed Asim Munir and federal ministers attend the signing ceremony of the sale of majority stake in First Women Bank to a UAE company.
Prime Minister Shehbaz Sharif on Friday hailed the privatization of First Women Bank Limited (FWBL) as “the first drop of rain” in Pakistan’s new privatization drive, terming it an important step in deepening economic and investment ties with the UAE under the government-to-government (G2G) framework.
At a signing ceremony in Islamabad between the UAE-based International Holding Company (IHC) and the government of Pakistan, the prime minister said the historic transaction marked “the beginning of a long and fruitful journey” to revitalize state-owned enterprises and attract foreign investment.
“This agreement marks the start of a promising partnership. Other projects are already in the pipeline,” he said, reaffirming his government’s commitment to restructuring loss-making public entities and opening new doors to private sector-led growth.
“This is the beginning of a journey of happiness, prosperity and progress between two great brotherly nations, the UAE and Pakistan. Many projects are already in preparation and discussion between our teams, and in the days, weeks and months to come, we will see many… pic.twitter.com/ovtDyBMWXu
– Government of Pakistan (@GovtofPakistan) October 17, 2025
The event marked the official transfer of a majority stake in FWBL to IHC – the first ever G2G transaction in the Pakistani banking sector.
The UAE delegation was led by Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, Chairman of 2PointZero, and consisted of Deputy Prime Minister and Minister of Foreign Affairs Ishaq Dar, COAS Marshal Syed Asim Munir, cabinet members and senior officials from both countries.
Shehbaz welcomed Sheikh Zayed bin Hamdan to Pakistan, recalling the “eternal friendship” of UAE leaders, including the late Sheikh Zayed bin Sultan Al Nahyan and current President Sheikh Mohammed bin Zayed, “whose heart beats for the people of Pakistan”.
“Today we witnessed the signing ceremony of the First Women Bank, aimed at our women entrepreneurs, businesswomen and strategists in the fields of IT, commerce, business ventures and joint ventures. Through this bank, they will have a great opportunity to grow and develop in any field… pic.twitter.com/VGFJDjdkkx
– Government of Pakistan (@GovtofPakistan) October 17, 2025
He said the agreement reflected the UAE’s confidence in Pakistan’s economy and its commitment to joint ventures in banking and trade. “This is the beginning of a journey of shared happiness, prosperity and growth between two brotherly nations,” he added, expressing hope for more such signing ceremonies “not in years, but in weeks.”
Read: Council of Ministers raises questions over FWBL sale
Privatization advisor Muhammad Ali said the deal took more than a year and a half to close, underscoring the government’s seriousness in reviving the privatization program. The Prime Minister praised the “determined and focused” leadership of Ishaq Dar and Muhammad Ali for seeing the process through to completion. (Copy 1, 3).
IHC will inject new capital
The federal cabinet had earlier approved the disinvestment of the government’s entire stake in FWBL, which would be valued at $14.6 million (around Rs 4.1 billion). However, this figure has not yet been officially confirmed. Under the agreement, IHC will also meet the minimum capital requirement of Rs 10 billion over five years. As of December 2024, the bank’s equity stood at Rs 3.2 billion, requiring an additional Rs 6.8 billion to meet regulatory requirements.
Founded in 1989, FWBL operates 42 branches nationwide, providing banking services to individuals, SMEs and businesses. IHC plans to strengthen the bank’s capital base, expand its operations and modernize its services through AI-enabled technology and digital banking.
Planned upgrades include modernization of the core banking system, automation, integration of AI and analytics, talent development and rebranding to promote financial inclusion.
Learn more: Reference price for proposed FWBL sale
“Our investment in First Women Bank reflects IHC’s confidence in Pakistan’s financial sector and our shared vision for sustainable growth,” said Syed Basar Shueb, CEO of IHC. “We look forward to supporting the modernization of the bank through technology and AI, driving innovation and long-term value creation,” he added.
The agreement – signed by Syed Basar Shueb and Nishita Mohsin on behalf of the Government of Pakistan – is the first bank privatization under the Intergovernmental Commercial Transactions Act, 2022, symbolizing the expansion of economic cooperation between the UAE and Pakistan.
