The Bank of Ireland has sold the ICS Distribution Platform to Dilosk Ltd for US$330 million. The sale also included circa US$270 million of performing residential loans.
The ICS Distribution Platform is a sales platform for the sale of residential mortgages.The platform included people, IT and the brand "ICS Mortgages".
Dilosk Ltd is a new Irish financial services company, headquartered in Merrion Square, Dublin. Dilosk has entered the Irish mortgage market through the acquisition of ICS Mortgages including the brand and distribution platform from Bank of Ireland. Dilosk plans to grow its mortgage business in Ireland by offering new residential mortgage loans though the long established business ICS Mortgages.
Bank of Ireland is a leading commercial bank in Ireland. The sale was required as part of Bank of Ireland's EU commitments.
Oaklins' team in Ireland advised the seller in this transaction.
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