The blueprint for infrastructure of the Bank was designed by Akram Khatoon. She presented it in 1988 to then Prime Minister Benazir Bhutto, who approved to set up the bank in December 1988.[3] The bank was incorporated with a paid up capital of PKR 100 million which was subscribed by the state-owned banks.[4][5] Its original charter mandated that the bank would employ women and extend small business loans exclusively to women.[5] he first branch of the bank was opened in Karachi in December 1989, and by 1991, it had 15 branches throughout the country.[5]
The privatisation of the state-owned First Women Bank Limited (FWBL) was formally concluded in October 2025 with the sale of the Government of Pakistan's entire $82.64\%$ stake to the Abu Dhabi-based International Holding Company (IHC), a major UAE entity. The transaction, reportedly valued at $14.6 million (approximately Rs. $4.1 billion), was executed under a Government-to-Government (G2G) framework as per Pakistan's Inter-Governmental Commercial Transactions Act of 2022. This marked the first-ever bank privatisation conducted under this bilateral framework in Pakistan. The FWBL was initially established in 1989 with a mandate to promote financial inclusion and economic participation among women. The new owner, IHC, committed to injecting additional capital into the bank to meet the minimum capital requirement and announced plans to expand the bank's network of 42 branches, modernize its operations using technology and AI, and potentially rebrand the institution to reflect a broader scope of services. The deal was hailed by Pakistani officials, including Prime Minister Shehbaz Sharif, as a significant milestone that would boost foreign direct investment and strengthen economic ties between Pakistan and the UAE.[6][7][8]
Privatization
The Cabinet Committee on Privatization (CCoP) approved transaction structures for the privatization of First Women Bank Ltd.[9][10]
After a hiatus of several years, in February 2024, the Federal Cabinet of the Government of Pakistan finally approved the privatization of the First Women Bank.[11]
On October 16, 2025, Pakistan's federal cabinet approved the sale of its 82.64% stake in First Women Bank Limited (FWBL) to the United Arab Emirates-based International Holding Company (IHC) for $14.6 million (Rs4.1 billion). The transaction, conducted under the Inter-Governmental Commercial Transactions Act of 2022, marks the first privatization under this legislation. The deal, valued at Rs5 billion for the bank, allows the buyer to meet the minimum capital requirement of Rs10 billion over five years. FWBL, established in 1989 to promote financial inclusion for women, had a net equity of Rs3.2 billion as of December 2023.[12]
The sale agreement has been signed on October 17, 2025, in the presence of Prime Minister Shehbaz Sharif. The IHC, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, plans to expand FWBL’s 42 branches to 200 in the medium term and is permitted to reduce up to 10% of the workforce immediately, with remaining employees protected from layoffs for at least 18 months.
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Rs. 2.167 billion (US$7.5 million) (2023)
