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BankMuscat, a CR2 customer, wins Best Consumer Internet Bank, Oman

October 28, 2004

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BankMuscat, a CR2 customer, wins Best Consumer Internet Bank, Oman

Dublin, 29^th September 2004 – CR2, a global provider of channel banking, ATM and card payment software solutions, have today announced that BankMuscat (SAOG), a CR2 customer, has been declared the Best Consumer Internet Bank, Oman in Global Finance Magazines World's Best Internet Bank Awards 2004.

BankMuscat, the largest Bank in the Sultanate of Oman, withstrong presence in Corporate Banking, Retail Banking, Investment Banking, Private Banking and Asset Management, has been aCR2 customer since 1988 when they deployed CR2's ATM software to manage their ATM channel. They expanded their channel offerings in 2002 with the addition of both the mobile channel, which allows customers check their balance and receive transaction notifications using SMS text message, and Internet channels.

BankWorld Internet provides an integrated banking environment for secure and reliable Internet banking, 24x7. It enables BankMuscat create and manage the delivery of personalised, tailored financial products and services over the Internet. Together with the implementation of BankWorld Channel Manager, the bank's employees can see the same information as the customer, providing them with a single view across all accounts and all delivery channels.

For consideration for the world's best Internet bank, submissions were evaluated initially by Global Finance magazine, and then by a panel of judges from Bearing Point, Deloitte, Tata Infotech and TowerGroup.

Ahmed Al Abri, General Manager, BankMuscat (SAOG) said:"We are delighted to have been declared the Best Consumer Internet Bank in Oman by Global Finance magazine in their annual survey. Two of the key factors that contribute to the success of any Internet banking site, we believe, is the ease of use that it offers to customers and the overall branding of the site. The BankWorld Internet solution has met our requirements on both of these fronts as it has allowed us to carry the BankMuscat brand identity across our Internet site in the same manner as our other channels and marketing materials, and the ease of use that it provides has helped us gain customer confidence in a very short span of time."  

Winning banks were selected based on the following criteria:

• strength of strategy for attracting and servicing online customers
• success in getting clients to use web offerings
• growth of online customer base, breadth of product offerings
• evidence of tangible benefits gained from Internet initiatives
• website design and functionality

Cian Kinsella, CR2 CEO said:"This is a great recognition for BankMuscat. They are one of the most innovative of our clients, providing their customers with lots of choice as to how and when they access their accounts. We are proud to be associated with their success."

To access Bank Muscat's Internet Banking demo visit: www.bankmuscatonline.net

About CR2

CR2 is a global provider of channel banking, ATM and card payment solutions. CR2 Group has more than 100 customers in 65 countries worldwide. Headquartered in Dublin, Ireland, they have a network of well-established offices and representatives across Europe, India, Africa, Asia Pacific and the Middle East. www.cr2.com.

About BankMuscat:

BankMuscat (SAOG) is the largest banking entity in Oman with amarket share of36.35%in terms of total assets,37.96%of total credit,34.49%of total deposits and34.52%of savings deposits in the Sultanate as on 30 June 2004.The Bank has a network of 90 branches in Oman, a branch in Bahrain and a representative office in Dubai (UAE). The Bank has also recently acquired a stake in Centurion Bank, a new private sector bank in India.

The international financial and banking community has lauded BankMuscat's performance and pioneering efforts at setting new standards of excellence in the Banking industry in Oman and in the countries in which it operates across the region for several years now. The Bank was awarded the 'Best Corporate Bank' and 'Best Retail Bank' in Oman by The Banker Middle East magazine in February this year.

BankMuscat also holds the rare distinction of being voted the 'Best Bank' in Oman by TheBanker and Global Finance magazine, for the fourth time in a row and three times by EUROMONEY. The Bank has also been awarded the People Development Award 2003 at the recently concluded Oman Awards for Excellence.

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Attached: Bank Muscat Internet Banking screenshot