Mutual holding company VM Group has announced plans to restructure its business.
The restructuring exercise follows last year's vote by its members, as well as approval from the Bank of Jamaica and the Supreme Court.
President and CEO of VM Group Courtney Campbell says the new structure facilitates greater resilience which will enable more sustainable growth and expansion.
The decision will also see changes to its management board.
Peter Reid, head of the Group's Building Society Operations, has been promoted to Deputy CEO of the VM Group.
Deputy CEO of VM Building Society Operations, Paul Elliott, will assume the role of CEO.
As part of the restructuring exercise, VM Building Society has been converted to a proprietary building society.
VM says the decision also ensures compliance with the Banking Services Act 2014, which mandates that corporate groups separate their financial entities from their non-financial entities.
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