NCB & LascoFin close acquisitions

NCB Financial and Lasco Financial are reporting conclusion of the acquisition of their new subsidiaries.
NCB Financial acquisition of the majority shares in Bermuda’s Clarien Bank that was subject to regulatory approval by the Bermudan authorities is concluded.
Clarien has assets just over U$1.16 billion and reported profit of US1.2 million for 2016 before incurring an overall loss when other comprehensive loss is factored in, netting a loss of US$572,000 for the year. Results were weighed down by impairment losses on loans amounting to US$8.6 million in the year compared to US$9.2 million in 2015.
Lasco Financial advised that Scotia Group Jamaica has completed the transfer of Scotia Jamaica Microfinance Company Limited to the company. No details of the purchase price is mentioned but Scotia Group reported on the balance sheet as of October, assets held for sale amounting to $664 million which most likely represent the assets of CrediScotia.

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