Jamaica’s oldest financial institution is giving back in a big way to mark the country’s 50th independence anniversary this year.
Established in 1878, Victoria Building Mutual Society (VMBS) is offering reduced 9.39% interest rates for new and existing mortgages, a 6.58% foreign currency mortgage, a 50% discount on valuations conducted by Victoria Mutual Property Services and no processing and commitment fees until August 31 when the country celebrates its golden independence anniversary.
In addition, VMBS is offering three homes in upscale communities as part of a VM Win 50 promotion open to its members. The first prize is a three-bedroom, two-bathroom residence in Richmond Estate in St. Ann while the second prize is a two-bedroom, two-bathroom home in Caymanas Golf & Country Club Estates in St. Catherine. The third prize is a two bedroom, two bathroom home in Florence Hall Village in Trelawny. They are all gated communities.
Other prizes include iPad smartphones, 1Pod Touches and $10,000 worth of Jamaican Public Service Company grocery and fuel coupons.
Vivienne Bayley-Hay, the company’s vice-president for group marketing and corporate affairs, said VMBS is proud to give back to its customers.
“VMBS has been around for over 130 years and we feel that it’s only right that we makesome tangible gestures during this period of independence to show our support to our many loyal customers wherever they may be,” she said. “Fifty independent years in the life of a country such as ours is no mean feat and we feel it should be celebrated and it’s imperative that we play our part as a business leader in the community.”
Bayley-Hay and VMBS financial services specialist manager Richard Kidd were in Toronto earlier this week to promote the company’s independence promotions and co-host a Jamaica 50 Agency outreach initiative with the Jamaican Consulate in Toronto. Representatives from Jamaica’s Registrar General’s department, the National Land Agency and the Passport, Immigration & Citizenship Agency were also in Toronto on Monday to meet with nationals here and address their concerns.
“Many Jamaicans have concerns related to land issues, registration as it pertains to birth and death certificates and marriage licenses,” said Bayley-Hay who has been with VMBS for the past four years. “We recognize that some of them might want to return to the land of their birth to retire and they might be looking for land or property to acquire. That’s the reason why we brought these agencies here to help them with any questions they may have.”
The then Kingston Parish Church rector and a group of clergymen founded VMBS to meet the needs of the “deserving thrifty”.
In addition to Jamaica, VMBS has a network of branches in Canada, the United States and England.
Savings and mortgages rank high on the company’s suite of products and services.
“Our clients in the Diaspora form a significant part of our savings base,” said Kidd. “They account for nearly 30 per cent.”
While in Toronto, he listed some of the advantages of doing business with VMBS.
“We have a tax treaty with Canada, so when clients keep their money in Canadian dollars with us in Jamaica, we do not withhold tax from the account,” he said.
BY RON FANFAIR