Key Points:

•VM Group is launching three new credit cards and an international debit card to expand payment options.

•The group saw net profits rise to $1.6 billion in 2024, grew membership, and expanded pension services for workers and self-employed people.

•VM Building Society got approval to lend directly to businesses, while VM Wealth will grow real estate investments, operating in Jamaica and six other countries.

VM Group has announced the development of three new credit card products, including a Jamaican-dollar Classic Visa, a USD business card, and a USD platinum card to be launched in 2026, as part of its continued focus on expanding payment solutions and improving customer access to financial services.
The financial conglomerate is also working on the roll-out of an international debit card, with a launch date to be confirmed.

“We are focused on you; every day we are thinking about how to help you to achieve financial well-being and how to make financial services more convenient for you and more secure for you,” said CEO Courtney Campbell during its recent annual general meeting.

The developments follow the launch of six business-focused products in 2024, including a business credit card. Additionally, VM Building Society has been designated an Approved Financial Institution (AFI) for the Development Bank of Jamaica, enabling it to provide direct financing solutions to entrepreneurs and small and medium-sized enterprises. Reflecting its expanding reach, VM reported a significant increase in active membership, moving from just over 300,000 to more than 500,000 after welcoming 172,656 new and returning members in 2024. This included 1,031 corporate clients, small businesses, and non-profit entities. Campbell also outlined a number of strategic developments across the group during the annual general meeting, including new market initiatives and investment products. Through VM Wealth, the company plans to expand its private equity offerings, allowing clients to participate in a broader range of real estate ventures and unit trust funds such as the Real Estate Development Fund. Campbell described the fund as a non-diversified vehicle aimed at capitalising on VM’s expertise in real estate-driven wealth creation.

“More than any other institution in the Caribbean, we know how to create wealth through real estate,” he said.

At the group level, VM Financial is advancing a capital plan that has been submitted to the board, with the aim of offering members direct ownership in the holding company by 2027 or 2028, depending on market conditions.

“That is the plan at this point, but many things can change. We live in a time of economic uncertainty,” Campbell noted.

VM Financial Group reported a net profit of $1.6 billion in 2024, an increase of $1 billion over the previous year. Amid growing concerns about Jamaica’s ageing population and low pension coverage, VM has been expanding its role in retirement planning. Since 2025, the company has served as a co-investment manager for the Tourism Workers Pension Scheme and is now the pension manager for the Jamaica Fire Brigade. Expanding its pension services, VM is also targeting self-employed individuals and employees at companies without sponsored pension plans, offering them customised Approved Retirement Schemes through its pensions division.

“What that means is, in your most vulnerable years, if you’re blessed enough to get to those years, the VM pension’s team is working to protect you,” Campbell told shareholders.

As of December 2024, VM Pensions reported funds under management of $70.6 billion, representing a 12.4 per cent year-over-year increase. The VM Group recorded a net profit of $823 million in 2024, reflecting a $1.2 billion turnaround from a loss of $375 million in the previous year. Total revenues rose by 40 per cent to $14.8 billion, driven by a 7 per cent increase in deposits, 3 per cent growth in VMBS’s loan portfolio, and a 13 per cent rise in assets under management. VMIL posted a net profit of $555.7 million for the year. As part of its international strategy, VM is diversifying its funding sources to better serve its UK customer base and is planning additional service enhancements in New York. The group also recently launched VM Wealth Barbados, onboarding 1,300 new clients. In the UK, VM Finance has disbursed more than £200 million in residential mortgage contracts since 2018, with an average loan size of £1.5 million. Across its eight subsidiaries, VM Group provides a range of real estate services, including mortgages and investment funds. The company currently operates in six markets outside Jamaica, the Cayman Islands, Barbados, Trinidad, the United Kingdom, Canada, and the United States through its subsidiaries and joint ventures, including BCIC.

CAMPBELL… more than any other institution in the Caribbean, we know how to create wealth through real estate.