MEMBERS of the VM Group have voted overwhelmingly to support the proposed restructuring of the entity and its subsidiaries in order to comply with regulations under the Banking Services Act.

The results of the vote taken last Tuesday, ahead of the company’s annual general meeting, show 99.99 per cent of voting members supported the move, with 216,223 members voting for the arrangement and only 11 voting against. There were no abstentions.

The VM Group had asked members to vote on a restructuring that will see the group being split into two, with the two umbrella subsidiaries being owned by a mutual holding company.

Under the proposed arrangements the VM Group will be split into a financial holding company which will comprise all financial companies while the non-financial companies will be held in a group structure.

While the VM Group indicated that the financial entities will be held by an entity called VM Financial Group, it did not say what the entity holding the non-financial entities will be called. It, however, said the mutual holding company that will own both the VM Financial Group and the non-financial group will be called VM Group Limited.

Current and future members of VM will continue to enjoy all existing and new member benefits, as the organisation has reiterated its firm commitment to mutuality.

VM will continue to keep members updated as the process continues.