Bank of Ireland sells off ICS mortgages
Bank of Ireland is selling off its ICS mortgages and distribution platform for €250m.
An Irish financial services company, Dilosk, is acquiring the operation.
The 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 has applied to the Central Bank to act as a Retail Credit Firm.
It also said it intends to comply with all the relevant regulatory codes applicable to mortgage lending in Ireland including the Code of Conduct for Mortgage Arrears.
The acquisition is expected to be completed in early September.
