Scotia Jamaica Micro-Finance Company Limited, formerly traded as Credi-Scotia, has changed its name to LASCO Micro-Finance Limited.
This came into effect on December 1 last year and follows the November 2017 acquisition by LASCO Financial Services Limited.
LASCO Microfinance Limited, a wholly owned subsidiary of LASCO Financial Services, is now the fourth largest contender in the local microfinance market.
It comes behind Jamaica National Small Business Loans, Access Financial Services Limited and Worldnet Investment Company Limited.
Now referred to as the LASCO Finance Group, LASCO Financial Services Limited aims to continue a seamless transition to merge its networks, systems and processes over the next few months to effectively organize its operations under two main business lines.
These are money services and loans through the LASCO Money brand and LASCO Microfinance Limited. The acquisition has increased LASCO Finance’s loan portfolio to just under $2-billion.
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 LASCO Financial Services, Jacinth Hall-Tracey says the entity continues to uphold staff welfare and customer service as priority areas of focus.