VM Group - A brief history of a transfomative mutual

A Brief History of a Transformative Mutual

The Journey Begins

The story of VM Group started on Thursday November 14, 1878, when, just 13 years after the Morant Bay Rebellion and the end of the American Civil War, a group of clergymen in Jamaica, led by Rector of the Kingston Parish Church Reverend GW Downer, established the Victoria Mutual Building Society. Their aim was for the Member-based mutual to help combat the glaring financial inequity that existed at the time, effectively democratizing home ownership and giving people who had long been economically marginalized, the freedom to dream boldly and achieve financial wellbeing.

A Purposeful Evolution

The founding purpose of the mutual would power the business through the proceeding decades as the world changed. Through two World Wars, The Great Depression, major manmade and natural disasters, and a booming global population, VM would grow and thrive, successfully facilitating the life aspirations of its Members, even as these evolved with the passage of time. As that time passed, VM’s operations extended across oceans and seas and grew to include other subsidiaries and product offerings, with its founding purpose still the core of its global business.

Transformation Accelerated

The continuous growth of VM, marshalled by successive boards of directors, general managers and presidents, accelerated in 2016 with the appointment of career banker and executive leader

Courtney Campbell who, upon assuming the role of Group President & CEO, immediately set about igniting a transformation of the organisation, including leading an ambitious digital transformation strategy, a cultural revolution and an aggressive international expansion. Among the standout achievements of this period so far have been:

• Changes to the Society’s rules in 2017 that allowed the business to further diversify its product and service offerings, leading to, among other things:

• the launch of a successful auto loan product,

• the introduction of credit cards and;

• an expansion of business lines and products to not only cater to its Members’ and clients’ needs at every stage of life, but to also serve the needs of business clients, ranging from SMEs to corporates.

The period has also seen:

• the launch of a Continuous Improvement Programme – focused on effecting robust enhancements of internal processes;

• implementation of an Environmental, Social and Governance (ESG) policy;

• rapid invigoration of financial education activities and;

• an increase in branch locations.

Business performance and brand perception have grown in tandem with this focused evolution.

VM – A Brand Renewed

In November 2021, the Group underwent a brand transformation with a new logo, tagline, brand colours and a full move to a new name – VM Group. This was one of the most significant and boldest activities in the storied history of VM, in part, because changing the beloved brand’s public image meant permanently retiring identifiers for which there had long been widespread positive sentiment. The bold move however paid off, with positive response received from Members, Clients and the general public. The most important feature of the brand transformation was arguably the renewed spirit of the organisation that it represents. The ‘New VM’ is defined by an energised drive to transform lives by providing equitable access to life-changing products and services and through the provision of empowering financial education.

The Dawn of a New Era

In August 2022, VM Members and Clients gathered for a mass meeting at the National Arena in Kingston, satellite locations in Mandeville and Montego Bay, and virtually from overseas. The task before them was to vote on a proposed restructuring of the organisation that would ensure compliance with the Banking Services Act and allow VM to raise capital should it need to do so.

The results of the vote revealed overwhelming support for the restructure exercise. This vote followed approval from the Bank and Jamaica and later the Supreme Court of Jamaica, paving the way for the restructure to be effected.

On February 1, 2023 a new day dawned for VM with the establishment of VM Group Limited, a mutual holding company owned by Members and parent to VM Innovations Limited (VM’s non-financial holding company) and VM Financial Group Limited (VM’s financial holding company which was established in tandem with VM Group Limited).

The VM Group Limited Corporate Organization Structure

All the financial businesses of the Group are held under VM Financial Group Limited

VM Building Society (which, as part of the change has been converted to a proprietary building society),

VM Investments Limited, VM Wealth Management Limited, VM Pensions Management Limited

Money Transfer Services Limited, VM Finance Limited

VM Innovations Limited is parent to Services Limited. The VM Foundation under VM Group Limited.

VM Building Society

Transforming lives with life-enhancing products and services delivered with genuine care. Offices in Jamaica, New York, Florida and the UK provide a strong global platform.

VM Investments Ltd

Helping to build, grow and sustain wealth. VMIL’s reach is wide, with a stake in Carilend Barbados, Trinidad and Jamaica, and also an equity stake in manufacturing company Home Choice Enterprise.

VM Wealth Management

VM Wealth Management, a prime subsidiary of VM Investments Ltd, is a premier provider of wealth management services, security trading and sales, investment advisory services and corporate solutions.

VM Pensions Management Ltd

VMBS Money Transfer Services Ltd

We are Caring Experts with the experience and capacity to improve the lives of Jamaicans Everywhere

VMBS Money Transfer Services Ltd offers a modern suite of money transfer and remittance services.

VM Innovations Ltd

VM Innovations was established is VM Group’s Fintech and Proptech arm, with a mandate to identify innovative and VM Innovations was established is VM Group’s Fintech and Proptech arm, with a mandate to identify innovative and pioneering opportunities for growth and to create game-changing business models.

VM Foundation

VM Property Services is the go-to partner to buy, sell, lease or rent residential or commercial property, also offering best in class property management and valuation services.

VM Finance UK is a specialist non-bank funding partner for experienced property developers in the UK which funds development and investment opportunities for residential, commercial and mixed-use properties.

VM Foundation is the corporate social responsibility arm of VM Group Limited, offering a wide selection of programmes focused on community and youth development.

Who we are: The VM Group Limited

VM Group Limited is a Strong, Integrated Group with products and services that meet the needs of the modern consumer while retaining a commitment to delivering expert, empathetic, thoughtful and personalized service, which has for generations set VM apart from competitors.

VM Property Services

VM Finance UK

The Group offers a range of products and services in:

• Savings and Loans

• Mortgages

• Wealth Management

• Pensions Management

• Real Estate Services

• Remittances

• General Insurance – through Affiliated Company BCIC

• Business and Corporate Solutions

VM Group Limited is built on 145 years of excellence but is fuelled for the journey ahead by a reinvigorated spirit, audacious ambitions, an unrelenting commitment to Mutuality and to achieving even more for the Members who own the organisation and for whom it exists to serve.

While VM navigates confidently into the future where a world of opportunity awaits, its history remains an intractable part of the organisation’s DNA, ensuring that VM continues to be the most well-rounded, authentic, purpose-driven financial institution in the region.

Local and Global Recognition

VM Group’s spirited growth and expansion has earned the attention of experts locally and internationally. Among the major accolades received recently are:

Jamaica Customer Service Association – Private Sector Organisation of Jamaica Service Excellence Awards 2018

VM Group won six of seven sectional awards as well as the Large Business Service Excellence Award. This positive showing reflected an energised thrust to enhance service delivery across the Group.

Capital Finance International Award: Best Financial Advisory Team (Caribbean) 2019, 2020, 2021

VM Group won this award for three consecutive years, reflecting the Group’s robust efforts to deliver expert guidance to Members and clients while providing thoughtful financial education.

Great Place to Work 2021

VM Group was certified as a Great Place to Work by the Great Place to Work Institute, the global authority on workplace culture.

The Banker, a Financial Times (UK) publication 2021

The VM Group was ranked second-best overall performer in 2020 among financial institutions in the Caribbean. VM was the highest ranked Mutual organisation among all institutions assessed.

The European (UK): Best Bank for Sustainable Finance Jamaica 2022

Best Sustainable Caribbean Investment Manager 2022

Best Real Estate Investment Solutions Team Jamaica 2022

The UK publication noted VM Group’s strong showing in the Jamaican market.

Global Banking & Finance Awards 2022 VM Group was named Best CSR Company 2022.

The Journey Continues…

This exciting time in its history will likely result in many unprecedented achievements; many more firsts; lots more highlights and more benefits for Members and Clients, as VM continues to respond to their evolving needs. As we look to the future, we give thanks for the wins of the past and declare a bold collective promise to continue to fulfil the purpose forged long ago in a place and time now worlds away, but which still stirs the soul of those who wish to help to empower others and transform lives.