VMBS celebrates 135
Published:Friday | November 15, 2013 | 12:00 AM
Keisha Hill, Gleaner Writer
Victoria Mutual Building Society (VMBS) has the reputation of being the oldest locally owned enterprise operating in the financial services sector in Jamaica.
It began operations on November 14, 1878, and came together with the shared vision of building a mutual financial institution that would enable Jamaicans, to become proud homeowners by pooling their savings.
One hundred and thirty-five years later, it celebrate the realisation of that vision, having helped countless Jamaicans achieve financial independence, through home ownership.
According to Richard Powell, president and chief executive officer, the financial security of its members is VMBS' primary focus and believes that home ownership offers the best prospect for achieving this.
"Victoria Mutual remains committed to operating in the tradition of our founders, as a mutual organisation, owned by and operated for the benefit of its members," Powell said.
expanded
By way of selective investments in subsidiary and affiliated companies, VMBS' product and service offerings have expanded from the traditional savings and home loans to include wealth management, money transfer, real-estate and property services, general insurance, superannuation schemes and individual retirement plans.
"The emphasis for us is returning real value to all of our members, through better savings rates, lower mortgage rates and minimal or no transaction fees.
"We truly believe these offerings are as important to Jamaicans today, as at any previous period of our history, given the high and increasing cost of living," Powell said.
Victoria Mutual also offers the lowest transaction fees of any deposit institution, and in many cases, the services are provided free of cost.
For example, there is no cost in using its Express 24 debit cards, VMBS ATMs and any bank or credit union's ATM, or at any point of sale terminal. "Today, the VM Group is a robust group of companies, equipped to support the needs of Jamaicans, at home and, in the diaspora, at every stage of their journey to financial independence.
"The group's asset is now in excess of $102 billion, and its customer base is more than 600,000 savers and borrowers, residing locally and overseas," Powell said.
For the last two decades, Victoria Mutual's services have been expanded to include asset and portfolio management, stockbroking and bond trading as well as advisory services, through a wholly owned subsidiary company, Victoria Mutual Wealth Management Limited.
A broad range of real-estate services is available through the Victoria Mutual Property Services Limited and inbound money remittance services are offered through VMBS Money Transfer Services Limited.
Im May of this year, the Victoria Mutual Group concluded the succesful acquisition of Prime Asset Management Limited. The acquisition of Prime aligns with the goal of offering a full suite of products and servcies to members and customers to meet their financial needs. Pension fund management and administration is therefore an important addition to the group's portfolio of services.
Victoria Mutual and its subsidiaries has 15 branches. The society also has representative offices in London, Birmingham and Manchester in the United Kingdom, Toronto in Canada and Miami Gardens, Florida, in the United States.