In 1878, Rev. G.W. Downer, Rector of Kingston Parish Church and a group of clergymen, founded The Victoria Mutual Building Society (VMBS), an institution built on strong values and principles and designed specifically to “meet the needs of the deserving thrifty”. Their vision was to empower a large segment of the Jamaican population to help one another through a process that involved the pooling of their resource to save and acquire homes. The objective then, as it remains today, was to fund a Mutual financial institution that would enable all Jamaicans to achieve the goal of becoming proud home owners.
In response to the changing needs of the Membership, the organisation has expanded its product offering beyond the traditional savings and mortgage loan products.
Victoria Mutual now offers Wealth Management and Financial Advisory Services, Real Estate and Commercial Property Management Services, Money Transfer Services, Pension Administration and Investment Management Services as well as Property, Casualty and Liability Insurance. These are offered through its Strategic Business Units Victoria Mutual Wealth Management Limited (VMWM), Victoria Mutual Pensions Management Limited, Victoria Mutual Money Transfer Services (VMTS), Victoria Mutual Property Services (VMPS), Victoria Mutual Innovations Limited, Victoria Mutual Financial Limited, and affiliate company British Caribbean Insurance Company (BCIC).
VMBS opened its first branch in Kingston and the Society has since expanded its branch network to a total of 16 branches in Jamaica and representative offices in the United Kingdom and the United States of America. Victoria Mutual has been a pioneer in forging relationships with overseas nationals and we are proud of being the first Jamaican financial institution to establish international offices, or service bureaus as they were initially called, to serve the needs of our Diaspora community.
The first VMBS overseas representative office was established in the United Kingdom, followed by offices in Canada(closed for business) and the United States.