VM Group has announced the establishment of a new business structure, with the launch of The VM Group Limited, a mutual holding company and parent to the newly formed VM Financial Group Limited as well as VM Innovations Limited.
The announcement follows VM Members’ overwhelming vote of support to restructure the organisation at a specially convened meeting last August, as well as approval from the Bank of Jamaica and the Supreme Court of Jamaica. VM had proposed the restructuring exercise to ensure compliance with the Banking Services Act (2014) which mandates that a corporate group which includes both financial entities and non-financial entities be reorganised by separating the financial services companies from the non-financial companies.
Courtney Campbell, President and Chief Executive Officer (CEO) of VM Group and VM Financial Group, said that the restructured VM is poised for unprecedented growth and expansion.
“A new era has begun for VM,” he said. “We are pursuing audacious ambitions as part of our promise to our Members to help transform their lives. Our new structure facilitates greater resilience and will enable more sustainable growth and innovation.”
As Group President and CEO, Campbell continues to lead the iconic 144-year-old organisation. Peter Reid, who had been head of the Group’s Building Society Operations has been promoted to the role of Deputy CEO of the VM Group. Paul Elliott has been promoted to the role of CEO of the VM Building Society. Elliott previously held the role of Deputy CEO of Building Society Operations. As part of the restructure exercise, VM Building Society has been converted to a proprietary building society.
VM Group has reaffirmed its commitment to mutuality, which means that VM Members, formerly owners of VM Building Society, are now owners of the VM Group Limited, retaining all current and future benefits. VM Financial Group Limited is the parent company of all the financial businesses in the Group. These are VM Building Society, VM Investments Limited, VM Wealth Management Limited, VM Pensions Management Limited, VM Finance Limited, and VMBS Money Transfer Services Limited. VM Financial Group also holds VM’s interest in associate company British Caribbean Insurance Company (BCIC). Carilend remains an associate company of VM Investments Limited.
VM Innovations Limited, the non-financial holding company of the Group, is parent to VM Property Services Limited. VM Innovations Limited is led by Maurice Barnes.
The VM Foundation, VM’s philanthropic arm, is a direct subsidiary of the VM Group Limited.
“Exciting days are ahead for VM,” Campbell said. “Our commitment to the financial upliftment of our people is stronger than ever, and our spirit is renewed. We begin this new chapter with eagerness and look forward to great things as the VM story continues to unfold.”