The policy of Fidelity Bank (Bahamas) Limited (the Bank) is to enable a potential borrower to propose the attorney(s) of his/her choice, which initiates a due diligence exercise by the Bank.
The due diligence exercise comprises:
* - In cases where a proposed attorney is a member of a firm, the respective confirmations are required for all attorneys within the firm.
Upon completion of the due diligence exercise, a proposed attorney is assessed for approval. In cases in which approval is granted, the Bank will waive its right, as a party to the transaction, to engage its own legal counsel and rely upon the work being performed by the potential borrower’s proposed attorney.
In cases in which approval is not granted, the Bank will permit the potential borrower to utilise his/her chosen attorney, however the Bank will engage its own legal counsel to perform a quality assurance review of the work product of the potential borrower’s attorney.