ISLAMABAD: The federal cabinet on Thursday approved the sale of its 82.64 percent stake in First Women Bank Limited (FWBL) to International Holding Company (IHC) — a government-nominated entity of the United Arab Emirates — for $14.6 million (approximately Rs4.1 billion).
The decision was taken under a negotiated settlement. According to official sources, the buyer will be given five years to meet the minimum capital requirement of Rs10 billion.
As of December 2024, the bank’s equity stood at Rs3.2 billion, which means the new buyer will need to inject an additional Rs6.8 billion to fulfill regulatory requirements.
The Privatisation Commission declined to issue an official statement, but a senior official described the transaction as “modest in size, yet significant due to the buyer’s global financial standing.” The Prime Minister’s Office also refrained from sharing further details of the agreement.
Sources added that the UAE firm valued the bank at around Rs5 billion ($17.7 million). Based on this valuation, the government will receive $14.6 million for its stake.
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