The Reorganisation of the VM Group [Scheme of Arrangement]
Everything you need to know in one,
convenient place.
Thank You, VM Members!
The Supreme Court of Judicature of Jamaica on Thursday, November 24, granted an order approving the Scheme of Arrangement for the restructuring of your Victoria Mutual Building Society (VM) and its subsidiaries. We thank all who attended and voted on the VMBS Scheme of Arrangement either in-person or virtually at the specially convened meetings in August.
Keeping You in The Know
Welcome to your home base for information relating to the implementation of a new corporate ownership structure for the VM Group.
VM needs to introduce a new corporate ownership to separate the financial and non-financial companies in the VM Group. This is to ensure that the VM Group and its financial business operations are compliant with the Banking Services Act, 2014 as we continue to serve our Members.
The Membership rights and the values of the Society will be fully preserved. In other words, current Members will continue to be the ultimate owners of VM Group through a new Mutual Holding Company. The VM Group will own all entities in the new structure including VMBS. VM Group will remain a mutual organisation owned by Members.
All current and future Member Benefits – those great perks of being part of the family – will be retained by Members.
All Members, even those with dormant accounts, have a legal say in whether VMBS implements this new VM Group structure. There will be an opportunity to vote in person or online at a meeting on Tuesday August 9, 2022.
Under the Banking Services Act, the Society will not be allowed to continue with its current structure or else it would be operating in breach of the law. In other words, the Banking Services Act requires that the VM Group be re-organised so that real sector companies be separated from financial and regulated companies and that a financial holding company be established.
It is estimated that it will take a maximum of 12 months for the restructuring of the entire VM Group under the new corporate ownership structure to be completed, starting from the date of the Court’s final approval.
Important Meeting Dates to Note
- Date
- Channel(s)
- Location
VMBS Meeting to Vote on the Scheme of Arrangement,
Tuesday, August 9, 2022 at 3:00 p.m.
● Face-to-Face
● VMBS Members Private User Voting
Platform
The National Arena, Arthur Wint Drive, Kingston 5
VMIL Meeting to Vote on the Scheme of Arrangement,
Wednesday, August 10, 2022 at 3:00 p.m.
VMIL Shareholders hybrid (Online and In-Person) meeting
73-75 Half Way Tree Road, Kingston 10
Resources
Access the VMBS Notice of Meeting to Consider Scheme of Arrangement
Resources
Access the VMBS Notice of Meeting to Consider Scheme of Arrangement
The User Guide: Be Present, Stay Connected
Joining the VMBS Scheme of Arrangement Meeting and 143rd AGM virtually? Here’s how! All VM Members will be able to join and participate in the meeting online via private-user platform. Click here for your complete user guide to access the private user platform.
Resources
Access the VMBS Notice of Meeting to Consider Scheme of Arrangement
Do you have a question?
We are ready to clarify all your queries and concerns.
Your Questions Answered
We’ve created an FAQ document which contains additional information, answering the questions you may have. Also, if there are any further queries or concerns, please feel free to reach out to our Member Engagement Centre at 876-754-VMBS (8627) or via live chat at myvmgroup.com.
We’re excited about the future of the VM Group and our continued journey as we work together to Transform Your Everyday.
Your Questions Answered
We’ve created an FAQ document which contains additional information, answering the questions you may have. Also, if there are any further queries or concerns, please feel free to reach out to our Member Engagement Centre at 876-754-VMBS (8627) or via live chat at myvmgroup.com.
We’re excited about the future of the VM Group and our continued journey as we work together to Transform Your Everyday.
