Pakistan, Oct. 17 -- ISLAMABAD - The United Arab Emirates (UAE) International Holding Company (IHC) has successfully finalised a deal to acquire 85% shares of First Women Bank Limited (FWBL) in Pakistan, sources told ARY News on Friday.

FWBL, incorporated in 1989, is 82.64% owned by the Government of Pakistan. The acquisition was made for $14.6 million (around Rs 4.1 billion). The deal was concluded after successful government-to-government negotiations under the Inter-Governmental Commercial Transactions Act, 2022.

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The special cabinet committee, chaired by the Deputy Prime Minister, granted initial approval for the transaction, which was later endorsed by the federal ...