Dilosk Announces Acquisition Of c. €400 Million Prime Mortgages From Ulster Bank

3rd May 2024

Dilosk Announces Acquisition of c. €400 Million prime mortgages from Ulster Bank

Dublin, Ireland — Dilosk DAC, trading as Dilosk and ICS Mortgages (“Dilosk”), is pleased to announce today that it has entered into an agreement with Natwest Group (“NWG”) and Ulster Bank Ireland DAC (“Ulster Bank”) to acquire a c. €400 million portfolio of prime residential mortgages.  

This acquisition will be seamlessly integrated into the existing ICS Mortgages business, ensuring continuity of service and terms for all transferring customers.  Dilosk prioritises customer satisfaction and is dedicated to maintaining the highest standards of service.

This acquisition is expected to be completed over the coming months and is subject to further regulatory approvals which are standard for a transaction of this nature.  The legal and regulatory protections attached to these mortgages will not change as a consequence of this sale.  

Fergal McGrath, Chief Executive of Dilosk, commented on the acquisition, stating:

 “We look forward to welcoming our c.4,000 new customers and assure them of our dedication to meeting their mortgage needs today and into the future with the utmost care and professionalism.  This acquisition marks a significant milestone for Dilosk and ICS Mortgages as we increase our mortgages under management to c.€2 billion”. 

“ICS Mortgages  is one of the oldest mortgage lending brands in the Irish market, and we pride ourselves on our profound understanding of the residential mortgage business and our insight  into the needs and expectations of our customers as our business is solely focused on the mortgage business.  We will be communicating to all our new customers over the coming months and ensuring that the transfer is as smooth as possible”.