KINGSTON, Jamaica — Scotia Jamaica Microfinance Company Limited, formerly traded as CrediScotia, has changed its name to LASCO Microfinance Limited, effective December 1, 2017.
The move follows the November 2017 acquisition of CrediScotia by LASCO Financial Services Limited (LFSL).
LASCO Microfinance Limited, a wholly owned subsidiary of LFSL, is now the fourth largest contender in the local microfinance market behind Jamaica National Small Business Loans, Access Financial Services Limited and Worldnet Investment Company Limited.
Now referred to as the LASF Group, LASCO Financial Services Limited says it aims to continue a seamless transition to merge its networks, systems and processes over the next few months to effectively organise its operations under two main business lines — money services and loans through the LASCO Money brand and LASCO Microfinance Limited.
The acquisition has increased LFSL’s loan portfolio to just under $2 billion, the company said in a release, adding that with no job cuts, the merger has also almost tripled the loans team to just under 90, spread over the now 13 loans offices islandwide.
Managing Director of LFSL, Jacinth Hall-Tracey says the entity continues to uphold staff welfare and customer service as priority areas of focus.
“Both our customers and our new team members will benefit from the added suite of product and staff welfare services,” said Hall-Tracey.
The soon to be rebranded LASCO Microfinance locations are located at Gateway Plaza, 7 West Street, Old Harbour; The Island Shopping Complex, 70A King Street, Linstead; 3 Murray Avenue, Morant Bay; House of Hardware, 9 Main Street, Brown’s Town and 12 Duke Street, Kingston. ,p> Meanwhile, LFSL, which was already in the process of expanding its loans offices will rebrand its previous (loans) locations to bear the LASCO Microfinance signage as well. These are Bargain Village, 35 Main Street, May Pen; Reliance Mall, Mandeville; Supreme Plaza, Santa Cruz; Clock Tower Plaza, Half-Way-Tree and West Parade, Kingston (inside MoneyGram); Bay West Shopping Centre, Montego Bay; 15 Chandos Place, (Papine) Kingston 6 and head office at 38 1/2 Red Hills Road, Kingston 10.