Dilosk Announces Acquisition of c. €400 Million prime mortgages

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”.

ENDS

FOR MEDIA:

David Gogan

Head of Marketing and Communications 086 8108110 / 01 518 0030

ABOUT ICS MORTGAGES

Dilosk DAC trading as Dilosk and ICS Mortgages is regulated by the Central Bank of Ireland as a Retail

Credit Firm. ICS Mortgages was originally established in 1864 as the Irish Civil Service Building Society.

The company is headquartered in Ely Place, Dublin 2 and was established in 2013. ICS Mortgages is a

leading provider of owner-occupier and buy-to-let residential mortgages.