Bank of Ireland has reached an agreement to dispose of ICS Building Society’s distribution platform and mortgage pool to Irish financial services company Dilosk in a deal worth €250m.

The proposed divesture of mortgage asset pool 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.

Under the deal, Bank of Ireland will sell a €250m mortgage asset pool to Irish financial services company Dilosk Limited. It will also offer €100m of senior finance to Dilosk to complete the acquisition.

Dilosk CEO and co-founder Fergal McGrath said, "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."

The transaction is awaiting regulatory and other approvals, and is expected to conclude in early September this year.

IBI Corporate Finance advised Bank of Ireland on this transaction.

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