Victoria Mutual Building Society, VMBS, a mortgage bank with various non-banking companies under its wings, was on Thursday granted approval by the Supreme Court to move ahead with its plan for restructuring the group.
The Supreme Courts granting of order approving VMBS Scheme of Arrangement for the restructuring for the building society and its subsidiaries, marked the final in a series of steps undertaken by VMBS since its received board approval and a nod from the Bank of Jamaica in June this year for the restructuring.
The Scheme is being undertaken to ensure compliance with the Banking Services Act, which requires a corporate group, which includes both financial businesses and non-financial businesses, to be reorganised by separati…
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