Bank of Ireland sells ICS brand, mortgages to Dilosk

Bank of Ireland has agreed to sell its ICS brand, mortgage distribution platform and a pool of performing mortgages to Irish financial services firm Dilosk for €250 million.

The move marks the final stage of Bank of Ireland’s divestment commitment under its EU restructuring plan.

Dilosk is seeking permission from the Central Bank to act as a retail credit firm, intending to offer new residential mortgage loans and focus on the buy-to-let market.

The mortgage distribution platform provides home loans through independent brokers in Ireland.

“Traditionally ICS has been one of the leading players in the Irish intermediary mortgage market and this acquisition gives Dilosk a solid platform to build on a recognised and long established name,” said Dilosk’s chief executive Fergal McGrath. “Today’s announcement helps to cement our presence as a new and alternative residential mortgage lender in the Irish market”.

The acquisition is expected to be completed in early September 2014, but must be approved by regulators.