The Victoria Mutual Building Society has put its plans of rebranding into effect.

The company officially changed its name to VM Group and unveiled its new logo on November 3 during the launch of its major rebranding exercise project.

This rebranding project aims to make the company more visible to the public and more practical as it adds new products, increases membership and revenues for less popular subsidiaries.

Now over a century old, the company began conversations and plans to rebrand 20 years prior. Within this time, it has come up with strategic objectives which will aid in further positioning the company among the top rated financial institutions across the globe.

“We started the process of diversification from as far back as the 1980s but that process has now gathered momentum as we have done so much work in building out new products, new business lines and have introduced new channels to serve our members,” shared Courtney Campbell, VM Group’s president and chief executive officer.

Primarily operating as a building society, the company today offers a wide variety of other services, including insurance and investments.

Judith Forth Blake, group chief customer and brand officer, added: “All of these services that we have that are offered through different strategic business units (SBUs), we really just want to bring them under one umbrella, so when people think about VM, they not only think of mortgages and savings.”

The CEO did not release the cost of the project, but dubbed it an ongoing expensive venture and said he believed that, with this direction, VM will reap great rewards.