FAQ`S ASCENDANCY BAHAMAS

Why is Scotiabank selling my mortgage to Ascendancy?

Through the sale to Ascendancy, who specialize in distressed asset management, alternate financing solutions can be made  be available for customers.

Will the terms of my mortgage change?

This transaction does not affect the terms set out in the Mortgage Deed.

Who is Ascendancy?

Ascendancy Bahamas is a private asset management firm that manages distressed properties through strategic alliances created to boost the real estate sector. Ascendancy will offer more flexible financing solutions to customers outside of limited solutions which may be offered through a bank. Solutions may include refinancing, rental arrangements, and liquidating with a discount.

Will Ascendancy take over my property?

Upon Ascendancy assuming management and servicing all correspondence and inquiries concerning your mortgage loan must be made directly to Ascendancy Bahamas or will be directed to Ascendancy Bahamas.

What will happen to other products I have with Scotiabank?

This transaction will not impact any other accounts maintained with Scotiabank.

Is Scotiabank no longer interested in my business?

Scotiabank will continue to work to make you financially better off and where possible, create solutions that will work for you.

Is Scotiabank leaving The Bahamas?

Scotiabank is not leaving the Bahamas. It has a long history inThe Bahamas, and will continue to focus on providing  better service to our customers; ensuring that they receive the right advice and solutions to meet their needs.

Why is Scotiabank selling its assets to Ascendancy?

Through the sale to Ascendancy, who specializes in distressed asset management, alternate financing solutions will be available for customers. Through this transaction, the Bank reduces its delinquency levels, improves it risk profile and expense levels which should increase access to credit in a challenged economic environment.

What will happen to these properties and property owners?

The ownership of the affected mortgage loans has been sold and assigned to Ascendancy Bahamas. Ascendancy Bahamas will commence management and servicing of the loans and will offer more flexible alternatives to satisfying the debt owed.