Thu | Aug 17, 2017

Sagicor Bank sells block of mortgage portfolio

Published:Thursday | July 20, 2017 | 7:25 PM

Sagicor Bank Jamaica (SBJ) has entered into an agreement for the sale of a block of mortgages it held to the Victoria Mutual Building Society (VMBS).

The transaction will not affect the terms of the existing mortgage arrangements, Sagicor said in a release today.    

Donovan H. Perkins, President of SBJ said their clients “can be assured that all of the terms of the existing mortgage agreement with Sagicor will continue to apply.”

He said such a transaction is not unusual among financial institutions and that Sagicor Bank remains an active mortgage lender in the housing market. 

The release said the process currently underway between both SBJ and VMBS has been smooth and that Sagicor Bank will communicate directly with all clients that will be impacted.

- business@gleanerjm.com