International Holding Company (IHC), the largest listed company in the UAE, has acquired a majority stake in Pakistan's state-owned First Women Bank Limited, the company said on Friday.
The acquisition follows a privatisation process conducted under Pakistan’s Inter-Governmental Commercial Transactions Act of 2022.
Established in 1989, FWBL operates as a commercial bank with a nationwide presence of 42 branches, offering a comprehensive range of retail, SME and corporate banking services, IHC said in a statement.
“Following the acquisition, IHC will ensure that the bank meets the Minimum Capital Requirement, strengthening its capital base and enabling expansion of operations and its footprint across Pakistan,” it added.
“The transformation strategy will focus on creating a modern AI-enabled financial institution by modernising core banking infrastructure, automating processes and integrating digital channels with advanced analytics and artificial intelligence to deliver faster, smarter and more efficient services.”
The planned transformation will include “investment in people” as well as rebranding.
The acquisition follows a joint venture signed in February by IHC subsidiary International Resources Holding with the government of Balochistan and local partners.
“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,” said Syed Basar Shueb, chief executive of IHC. “This acquisition represents a shared commitment between the UAE and Pakistan to drive innovation, strengthen financial infrastructure and deliver sustainable value creation.”
IHC intends to increase its investment in the US by $40-$50 billion in the next decade, Mr Shueb told The National in May.
The company also announced this week that it is merging three of its portfolio companies to create a $33 billion energy and consumer sector-focused investment platform.
The merger will bring together the company's three flagship companies – 2PointZero, Multiply Group and Ghitha Holding – into a single platform, creating one of Abu Dhabi’s largest listed investment companies.
