The Reorgonization of
the VM Group

Everything you need to know in one,
convenient place.

The Reorganisation of the VM Group [Scheme of Arrangement]

Everything you need to know in one,
convenient place.

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

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

Access the Scheme of Undertaking Explanatory Notes

View the VMBS Notice of Annual General Meeting

Access the VMIL Notice of Meeting to Consider Scheme of Arrangement

View the Formal Order on First Hearing Victoria Mutual Building Society Scheme of Arrangement

Resources

Access the VMBS Notice of Meeting to Consider Scheme of Arrangement

Access the Scheme of Undertaking Explanatory Notes

Access the VMIL Notice of Meeting to Consider Scheme of Arrangement

View the VMBS Notice of Annual General Meeting

View the Formal Order on First Hearing Victoria Mutual Building Society 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

Access the Scheme of Arrangement Explanatory Notes

View the VMBS Notice of Annual General Meeting

Download the Scheme of Arrangement Form of Proxy

Access the VMIL Notice of Meeting to Consider Scheme of Arrangement

View the Formal Order on First Hearing Victoria Mutual Building Society Scheme of Arrangement

Do you have a question?

We are ready to clarify all your queries and concerns.

Scheme of Arrangement Contact Us

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.

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