Business

Lasco Financial acquires CrediScotia

Wednesday, November 15, 2017

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LASCO Financial Services has signed an agreement that will see a 100 per cent transfer of ownership of Scotia Jamaica Microfinance Company Limited (Crediscotia).

The deal, which was signed on Monday at the Scotiabank Centre, downtown Kingston, is expected to be finalised by the end of November. The acquisition will immediately double Lasco Financial's loan portfolio, market share, as well as the number of branches across the island.

“This merger allows us to maximise on the synergies of both companies and will create one formidable loan company. It is a great opportunity for LASCO Financial Services. We have been developing opportunities incrementally to serve our customers who are in need of microfinancing,”managing director of LFSL, Jacinth Hall-Tracey, said, explaining that the acquisition is part of a larger strategic plan for the company to continue its focus on expanding its loan business.

In a press release yesterday, Scotia also noted that the transaction is in line with the group's strategic direction to simplify its operations, as more focus is placed on growing its core banking, insurance, and investment businesses while delivering value to shareholders.

CrediScotia will become a wholly owned subsidiary of LASCO Financial Services and will continue to operate independently of the LFSL Group. According to Scotia, the acquisition will not see any disruption to the business, employees or clients.

Clients, however, are expected to benefit from an additional suite of services offered by the parent company under the LASCO Money Brand.

Scotia Group Jamaica entered the microfinance segment in November 2011 through its wholly owned subsidiary, Scotia Jamaica Microfinance Company Ltd trading as CrediScotia.

During this time the micro credit section of the Group was said to have consistently experienced strong year over year profitable growth across all its key business goals, and in the process expanded its footprint to include three new locations. Today, CrediScotia has seven locations.

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