Ownership Change

First Women Bank Privatization

The full timeline of Pakistan's first government-to-government bank privatization, from cabinet approval to completed transfer.

• Sold to IHC (UAE)
• Completed April 2026

Written & reviewed by Dildar Hussain — 10+ years in Pakistani banking, BS Banking & Finance (NUML University) — Last verified: 2026-09-07

Not to be confused with: First Women's Bank, an unrelated fintech based in Chicago, Illinois, USA. This page covers First Women Bank Limited (FWBL), the Pakistani commercial bank headquartered in Karachi.

First women bank privatization latest news, first women bank sold to uae, and first women bank acquisition ihc are all versions of the same story: after years of delay, Pakistan finally sold its majority stake in FWBL to a UAE state-linked investor. Here's the complete, dated timeline.

What Is the Timeline of FWBL's Privatization?

Timeline confirmed from Arab News, The National, IHC's official statement, Wikipedia's summary of the transaction, and PACRA's June 2026 rating report.

What Are the Terms of the FWBL Privatization Deal?

Stake Sold

82.64%

Buyer

EVE Holding RSC Ltd

Parent Company

IHC (UAE)

Deal Value

≈ $14.6 million

Per the Competition Commission of Pakistan's approval statement, the Government of Pakistan's 82.64% wasn't the only stake changing hands — Eve Holding RSC Limited acquired FWBL's entire shareholding, including the minority stakes held by four other Pakistani banks: Habib Bank Limited and MCB Bank Limited (5.78% each), plus smaller holdings from Allied Bank Limited and United Bank Limited.

The transaction was conducted under Pakistan's Inter-Governmental Commercial Transactions Act of 2022, marking the first bank privatization under this legislation and the first-ever government-to-government bank sale in Pakistan's history. IHC — chaired by Sheikh Tahnoon bin Zayed Al Nahyan and led by CEO Syed Basar Shueb — has said it will recapitalize FWBL to meet the State Bank's minimum capital requirement and was, as of mid-2026, still working to acquire the remaining 17.36% minority stake in the bank. IHC has also stated FWBL will undergo a rebranding to reflect an expanded mandate — serving a broader customer base and promoting nationwide financial inclusion, beyond its original women-only charter — though no new name or timeline had been announced as of this page's last verification.

What Changes for FWBL Customers and Staff?

IHC's own public statements confirm a modernization plan covering recapitalization to meet SBP's minimum capital requirement, upgrading core banking infrastructure, and integrating AI-driven digital channels — this part is corroborated across multiple independent outlets (Dawn, The National, Gulf News, Arab News) and IHC's own press release. Two more specific figures circulate too — that FWBL's branch network will grow from 42 toward roughly 200 locations, and that IHC was permitted to cut up to 10% of the workforce immediately post-acquisition with remaining staff protected from layoffs for at least 18 months — but these numbers trace to a single secondary source (Wikipedia's summary of the transaction) rather than any direct statement from IHC, FWBL, or the primary press coverage we could independently verify. Treat those two specific figures as reported-but-unconfirmed until IHC or FWBL states them directly.

Good For

• Getting the full, dated timeline of FWBL's ownership change
• Understanding exactly who owns First Women Bank now
• Separating confirmed facts from rumor around the UAE sale
• Seeing how the deal affects branches, staff, and customers

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For independent verification, see Arab News, The National, and State Bank of Pakistan.