Global Securities entered the Pakistani capital markets in 1994 through the fusion of two of Pakistan’s leading bankers: Iqbal Hassan and Sultan Allana,
with three of Pakistan’s leading business conglomerates:
Yunus Brothers, Dewan, and Sapphire Groups.
These business groups are market leaders in textiles, cement, polyester fiber, automobile and sugar industries.
Global acquired corporate membership at the Pakistan Stock Exchange (Formarly Karachi Stock Exchange) by November 1994, commencing its operations as one of the pioneer corporate brokerage houses in the country.
At that time, the two main businesses of the company were equity broking, and corporate finance & advisory, which were supported by a full-fledged research department. In a short span of time, Global was able to establish itself in both businesses as a leading player. Global gained widespread domestic and international recognition through participation in its first major transaction – The Pakistan Telecommunication Corporation GDR offering. Global emerged as the largest underwriter in the offering.
The equities business was boosted considerably by a strategic alliance with Union Bank of Switzerland (now a part of UBS AG). This partnership led to strong international recognition indicated through the accolades received by Global from Asia Money in 1997 for research and trade execution. Through the late 90’s, Global continued to be involved either on the buy-side or sell-side of almost all the major privatization transactions in the country.
Global was also the domestic advisor to Pakistan’s only exchangeable bond – jointly lead managed by Union Bank of Switzerland and Nomura Securities in March 1997.
In 1997, Global diversified into money market broking by obtaining requisite permissions from the Financial Markets Association of Pakistan. Through team efforts and the company’s institutional relationships, Global became one of the leading names in this business very quickly. The strong institutional relationships of our money markets’ team now also serve as a back bone for the company’s primary fixed income distribution.
Global obtained permission from the Foreign Exchange Rate Committee in 2000 to function as a foreign exchange broker and commenced operations soon thereafter. This business has been housed within the expanded treasury management group. Global’s Corporate Finance & Advisory business continued its momentum through several major transactions, which included privatizations of Habib Bank and United Bank (Pakistan’s second and fourth largest banks, respectively), largest fixed income issues for KESC and PIAC (which were the largest corporate bond issues of the country), and the first subordinated debt issuance by a bank in Pakistan. Global underwent a management change in late 2003 as Iqbal Hassan left the company to take over as President of NIB Bank Limited, and soon thereafter Sultan Allana assumed the responsibility of becoming the Chairman of Habib Bank Limited’s Board of Directorss, leaving Habib Yousuf as the CEO of Global Securities. In June 2005, Asia Money declared Global as Pakistan’s best equities house giving international recognition to the company’s equities business.