Sagicor Bank sells block of mortgage portfolio to VMBS
KINGSTON, Jamaica — Sagicor Bank Jamaica Ltd (SBJ) has entered into an agreement for the sale of a block of its mortgages to Victoria Mutual Building Society (VMBS).
Sagicor, in a release making the announcement this afternoon, assured that this transaction will not affect the terms of existing mortgage arrangements.
Donovan H Perkins, President of SBJ said: “Our clients can be assured that all of the terms of the existing mortgage agreement with Sagicor will continue to apply.” Perkins added that “this transaction is not unusual between financial institutions” and that Sagicor Bank remains an active mortgage lender in the housing market.
Sagicor said the process currently underway between both SBJ and VMBS has been smooth, and all clients that will be impacted will be communicated with directly by Sagicor Bank.