Origins
Pioneering Innovative Contributions
Founding and Early Operations
The origins of Pangaea can be traced back to Wisconsin in the United States, where Eric Postel, a renowned capital market expert hired by the World Bank to create the blueprint of the capital market in Zambia, subsequently recognised the need for a local presence. Alongside Mebelo Mutukwa (the inaugural CEO) and Michael Galaun (the inaugural Chairman), Eric Postel established Pangaea Securities Limited in Zambia, and Bruce Bouchard, who had extensive experience in SADC and East Africa’s emerging markets since the early 1980s, joined forces with Mr Postel in 1996 to become the firm’s second CEO — the pioneers.
Pioneering Innovative Contributions
In its early years, Eric, Mebelo, Michael, and Bruce were at the forefront of the capital market’s evolution, consistently recognised as first movers and introducing new financial instruments. The firm was a co-founder of the Lusaka Securities Exchange in 1993. During that period, Mebelo and Bruce, through Pangaea, played a significant role in the privatisation initiatives, educating the public and attracting international investors into the Zambian capital market, acting as a financial adviser and sponsoring broker for most of the primary listings. Beyond government projects, Pangaea led private Zambian enterprises to recognise the stock exchange as a viable and cost-effective alternative to traditional bank financing. These efforts marked a series of 'firsts' in Zambia’s financial market, setting precedents for future transactions and establishing Pangaea as disruptive and entrepreneurial.
Continued Impact
Over the years, Pangaea has sustained its leadership role by advising companies on designing, developing, and introducing new financial instruments for raising global capital, including dual listings on the London Stock Exchange. This journey would not have been possible without the foundation set by the pioneers. Mebelo Mutukwa and Michael Galaun passed away in 1996 and 2016, respectively, while Bruce Bouchard is retired and resides in El Paso, Texas. Eric Postel continues to work in emerging markets alongside various US developmental agencies. These innovations continue to play a significant role in the regional financial market, enabling diverse funding options for companies and contributing to the region's inclusive development.
