June 13, 2018
Contact: Richard Loconte, 212-709-1691
DFS AUTHORIZES VICTORIA MUTUAL BUILDING SOCIETY TO ESTABLISH FIRST NEW YORK REPRESENTATIVE OFFICE
New Brooklyn Office Expands Footprint of Jamaica’s Financial Institution to the United States
Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved an application by Victoria Mutual Building Society, headquartered in Kingston, Jamaica, to open a representative office in Brooklyn, the bank’s first office in New York. Victoria Mutual Building Society has a distribution network of 15 branches in Jamaica, three representative offices in the United Kingdom and one in Florida.
“DFS appreciates Victoria Mutual’s commitment to New York as it expands its footprint into the United States and engages in the global financial services marketplace,” said Superintendent Vullo. “The value of engaging with local communities, investing in regional economic growth and providing residents with access to financial services is bolstered through strong regulatory oversight and consumer protection by DFS. We welcome Victoria Mutual to New York’s diverse community.”
Courtney Campbell, President and Chief Executive Officer of the Victoria Mutual Group, said, “Jamaicans in the tri-state area account for a significant segment of our portfolio. They are already saving and borrowing with us, but the office will be for those who appreciate personal interaction. The addition of the New York representative office is in keeping with the Group’s commitment to delivering the best customer service and value to its members in the diaspora community for savings and mortgage loan options.”
Victoria Mutual is the second largest building society, a financial institution owned by its members, and the fifth largest deposit-taking institution in the country of Jamaica. It has provided savings accounts, mortgage loans and other financial services to Jamaicans for more than 100 years. Victoria Mutual currently serves more than 700,000 members living in over seventy countries world-wide.
New York currently has a total of 139 state chartered commercial banks, savings banks and bank holding companies, 16 state-chartered credit unions, 84 foreign branches, 10 foreign agencies, and 27 representative offices, with assets totaling more than $1.8 trillion.