The Reorganisation of the VM Group
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
- 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
Important Meeting Date to Note
- Date
- Channel(s)
- Location
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
The User Guide: Be Present, Stay Connected
Joining the VMIL Scheme of Arrangement Meeting virtually? Here’s how! All VMIL shareholders will be able to join and participate in the meeting online via private-user platform. Shareholders have been mailed a unique username and password to be able to access the platform and vote on relevant matters. Click here for your complete guide to access the platform.
Do you have a question?
We are ready to clarify all your queries and concerns.
Resources
Access the VMBS Notice of Meeting to Consider Scheme of Arrangement
Resources
Access the VMBS Notice of Meeting to Consider Scheme of Arrangement
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.
