Sagicor Bank Jamaica Ltd (SBJ) and Victoria Mutual Building Society (VMBS) announced yesterday that they have entered into an agreement for the sale of a block of mortgages from SBJ to VMBS.

The size of the deal “has not been finalised yet”, according to Ingrid Card,vice-president of Group Marketing at Sagicor Jamaica, though some sources have put the number at about $5 billion.

The transaction will not affect the terms of the existing mortgage arrangements according to an SBJ release. “Our clients can be assured that all of the terms of the existing mortgage agreement with Sagicor will continue to apply,” said SBJ President Donovan Perkins, via the release.

“This transaction is not unusual between financial institutions,” Perkins said, adding that Sagicor Bank remains an active mortgage lender in the housing market.

The process currently under way between both SBJ and VMBS has been smooth, and all clients that will be impacted will be communicated with directly by Sagicor Bank, the bank said.

VMBS, one of the largest mortgage providers in the island, acquired the Jamaica Mortgage Bank’s mortgage portfolio in 2014.