Dilosk Enters Into an Agreement to Acquire ICS Mortgage Distribution Platform and Mortgage Pool

Dilosk, an Irish financial services company, announced today that it has entered into an agreement to acquire the ICS brand, mortgage Distribution Platform and a pool of performing mortgages for EUR 250 million from the Bank of 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 CEO and co-founder Fergal McGrath. “ICS has been helping people buy homes for the last 150 years in Ireland and today’s announcement helps to cement our presence as a new and alternative residential mortgage lender in the Irish market.”

The ICS mortgage Distribution Platform, which was previously part of the ICS Building Society provides mortgages through independent brokers in Ireland.

“We plan to grow our business by offering new residential mortgage loans and we aim to ensure that the ICS mortgage brand under Dilosk ownership will remain a leading and trusted mortgage brand in the mortgage market.” added Mr McGrath.

This sale is part of Bank of Ireland’s EU restructuring plan and was mandated by the European Commission to ensure increased competition within the Irish mortgage market.

Dilosk, headquartered in Merrion Square, Dublin, has applied for authorisation from the Central Bank of Ireland to act as a Retail Credit Firm. Dilosk intends to comply with all the relevant regulatory codes applicable to mortgage lending in Ireland including the Code on Conduct on Mortgage Arrears.

The acquisition is expected to be completed in early September 2014 and is subject to further regulatory and EU approvals which are standard for a transaction of this nature.