First Women Bank

First Women Bank Limited (FWBL) is a Pakistani commercial bank created with a specific financial-inclusion mission: to provide banking services to women and support their participation in economic activity. Headquartered in Karachi, the bank was established in the late 1980s during the government of Prime Minister Benazir Bhutto. Its institutional concept was developed by Akram Khatoon, who presented a proposal for a women-focused bank in 1988. The proposal received government approval in December of that year, and the bank was incorporated with paid-up capital of PKR 100 million subscribed by state-owned Pakistani banks. The bank's original charter gave it an unusually focused social and commercial mandate. It was intended to employ women and to provide small-business loans exclusively to women, addressing barriers that women entrepreneurs and customers faced in accessing conventional financial institutions. The first branch opened in Karachi in December 1989. By 1991, FWBL had expanded to 15 branches across Pakistan, establishing a nationwide operating presence at an early stage of its development. FWBL operates as a commercial bank rather than simply as a nonprofit development institution. Its business scope has included deposit-taking, savings products, lending, and services for small businesses and other retail or commercial customers. Its positioning has historically centered on women customers, women's entrepreneurship, and financial inclusion, while its banking activities have required it to operate within Pakistan's broader banking and regulatory framework. The bank remained associated with the Pakistani state for much of its history. The Cabinet Committee on Privatization approved structures for a possible privatization, and the Federal Cabinet approved moving forward with privatization in February 2024 after a delay of several years. In October 2025, Pakistan's federal cabinet approved the sale of the government's 82.64% stake to EVE Holding RSC Limited, an entity affiliated with the United Arab Emirates-based International Holding Company. The reported transaction value was $14.6 million, or approximately PKR 4.1 billion, while the bank was valued at approximately PKR 5 billion for the transaction. These figures relate to the 2025 proposed sale and should not be treated as current financial data without further verification. The sale agreement was signed on October 17, 2025, in the presence of Prime Minister Shehbaz Sharif. The transaction was described as the first privatization conducted under Pakistan's Inter-Governmental Commercial Transactions Act of 2022 and as part of a wider Pakistan–United Arab Emirates government-to-government commercial relationship. The incoming investor indicated plans to expand the bank's branch network from 42 locations to as many as 200 in the medium term. The transaction also included workforce provisions allowing an immediate reduction of up to 10% of employees, while other employees were reported to receive protection from layoffs for at least 18 months. According to the supplied reference material, privatization was completed on April 15, 2026, when the Pakistani government transferred its shareholding and management control to EVE Holding. The bank therefore entered a new ownership phase while retaining its distinctive women-focused identity. PACRA subsequently revised the bank's entity ratings on June 24, 2026, to A for long-term obligations and A1 for short-term obligations, according to the same reference. FWBL's continuing relevance depends on whether new ownership can combine commercial expansion with the institution's founding objective of improving women's access to finance.

First Women Bank was conceived as a response to the limited access that many Pakistani women had to formal financial services and business credit. Akram Khatoon developed the bank's infrastructure plan and presented it in 1988 to Prime Minister Benazir Bhutto. The proposal was approved in December 1988, and the institution was incorporated with paid-up capital of PKR 100 million subscribed by state-owned banks. The bank's initial mandate combined commercial banking with an explicit social objective. It was designed to employ women and to provide small-business loans exclusively to women. This model sought to make banking more accessible to women entrepreneurs and customers who could face cultural, institutional, or practical barriers when dealing with conventional banks. FWBL opened its first branch in Karachi in December 1989. Its early expansion was rapid: by 1991, it had 15 branches across Pakistan. Over time, FWBL developed into a specialized commercial bank offering deposit, lending, retail, and business-banking services. Its identity remained linked to women-focused finance and economic empowerment, although it operated as a regulated banking institution rather than solely as a development program. The bank's state-linked ownership also made it part of Pakistan's wider privatization agenda. Privatization efforts were considered through structures approved by Pakistan's Cabinet Committee on Privatization. The process experienced a hiatus lasting several years before the Federal Cabinet approved privatization in February 2024. In October 2025, the cabinet approved the sale of the government's 82.64% stake to EVE Holding RSC Limited, an affiliate of International Holding Company of the United Arab Emirates. The reported consideration was $14.6 million, equivalent to approximately PKR 4.1 billion, with the bank valued at approximately PKR 5 billion for the transaction. The reference material also reported that FWBL had net equity of PKR 3.2 billion as of December 2023 and that the buyer would be permitted five years to meet a minimum capital requirement of PKR 10 billion. The agreement was signed on October 17, 2025, in the presence of Prime Minister Shehbaz Sharif. The transaction was presented as the first privatization under Pakistan's Inter-Governmental Commercial Transactions Act of 2022 and as a strategic Pakistan–United Arab Emirates government-to-government commercial transaction. The buyer announced an intention to expand the bank's reported 42-branch network to 200 branches in the medium term. Workforce terms reportedly allowed the immediate reduction of up to 10% of employees, with remaining employees protected from layoffs for at least 18 months. The supplied reference states that privatization was completed on April 15, 2026, when EVE Holding took shareholding and management control. It further states that PACRA revised the bank's ratings on June 24, 2026, to A for long-term and A1 for short-term obligations. The ownership transition marks a significant change from FWBL's state-supported origins, but the bank's core historical distinction remains its purpose-built focus on women's access to finance in Pakistan.

• 2026

  Privatization completed

  [1]First Women Banken.wikipedia.org

  The supplied reference states that ownership and management control transferred to EVE Holding on April 15, 2026.

• 2025

  Majority stake sale approved

  [1]First Women Banken.wikipedia.org

  The federal cabinet approved the sale of the government's 82.64% stake to EVE Holding RSC Limited.

• 2024

  Federal Cabinet approves privatization process

  [1]First Women Banken.wikipedia.org

  Pakistan's Federal Cabinet approved proceeding with the privatization of FWBL after a prolonged pause.

• 1991

  Network reaches 15 branches

  [1]First Women Banken.wikipedia.org

  The bank had expanded to 15 branches across Pakistan by 1991.

• 1989

  First branch opens in Karachi

  [1]First Women Banken.wikipedia.org

  FWBL opened its first branch in Karachi in December 1989.

• 1988

  Women-focused bank proposal presented

  [1]First Women Banken.wikipedia.org

  Akram Khatoon presented a plan for the bank's infrastructure and mission to Prime Minister Benazir Bhutto.

• 1988

  Government approves establishment

  [1]First Women Banken.wikipedia.org

  The proposal for First Women Bank received approval in December 1988.

A women-focused Pakistani commercial bank emphasizing financial inclusion, women's entrepreneurship, and access to small-business credit.

• Retail banking

  Savings and deposit accounts

  FWBL's deposit-taking activities form part of its general commercial-banking role. Savings and related deposit services give individual customers a formal channel for holding funds and accessing other banking products. The supplied references identify deposit and savings services as part of the bank's typical offering but do not provide a current product catalogue or detailed account terms.

• Business finance · 1989

  Small-business loans for women

  Small-business lending for women was part of FWBL's original charter and is central to its historical identity. The purpose was to support women-owned or women-led business activity and address financing gaps that conventional banking could leave unresolved. Current eligibility rules, loan sizes, pricing, and product names are not specified in the supplied material.

• Commercial banking · 1989

  Commercial banking services

  Although established with a women-specific development mission, FWBL is a commercial bank. Its broader service scope includes retail and commercial banking activities associated with deposits, lending, and business relationships. The available references do not provide enough detail to enumerate all current commercial products.

• 2026

  Transfer ownership and management control to EVE HoldingM&A

  Background

  The 2025 government-approved sale proceeded to completion under the Pakistan–United Arab Emirates commercial arrangement.

  Action taken

  The Pakistani government transferred its shareholding and management control to EVE Holding RSC Limited on April 15, 2026.

  Aftermath

  FWBL entered a privately controlled ownership phase under an affiliate of International Holding Company. The supplied reference subsequently reported improved PACRA entity ratings.

  Source

• 2025

  Approve sale of government majority stakeM&A

  Background

  Pakistan had pursued privatization after a multi-year hiatus, and the government sought to transfer control of FWBL to a strategic investor.

  Action taken

  The federal cabinet approved the sale of an 82.64% government stake to EVE Holding RSC Limited, an affiliate of International Holding Company.

  Aftermath

  The sale agreement was signed on October 17, 2025. The buyer proposed expanding the branch network from 42 to 200 locations in the medium term and received specified workforce flexibility.

  Reported transaction value. $14.6 million (approximately PKR 4.1 billion) (2025 transaction)

  Source

• 1988

  Create a bank dedicated to women's financial accessStrategy

  Background

  The proposal responded to the need for greater access to formal banking and small-business finance for Pakistani women.

  Action taken

  The government approved the establishment of a bank designed to employ women and provide small-business loans exclusively to women.

  Aftermath

  FWBL was incorporated with capital subscribed by state-owned banks and opened its first branch in Karachi in 1989.

  Paid-up capital. PKR 100 million (At incorporation)

  Source

1. 1First Women Banken.wikipedia.org