4 April 2007

BankMuscat, an established commercial bank in Oman, has selected Temenos T24 to support its retail and corporate banking operations. T24, the company's modular core banking system, will enable the bank to increase transaction processing efficiencies, quickly introduce a more diversified range of products and prepare its business for future growth. The bank will install the system in its head offices in Muscat, Oman, to support some 90 branches and over 500,000 customer accounts. AbdulRazak Ali Issa, chief executive of BankMuscat, says: "BankMuscat has always strived to invest in state-of-the-art technology to provide customers with cutting edge products, services and solutions. Our decision to adopt a new core banking system is a significant step in this direction, as we firmly believe that a world-class technological infrastructure is integral to building customer confidence." T24 will replace an in-house legacy system that has been operational for over 20 years. The bank required a fully integrated and flexible system with broad functionality covering areas such as treasury, investment and internet trading. As part of the overall selection process, BankMuscat engaged Gartner Consulting, a leading independent global technology consulting firm to evaluate and advise on the objectives. During a rigorous five-month evaluation period, the bank considered several major providers before signing the deal with Temenos in Q4 2006.

Temenos will install core T24 functionality, including retail banking, corporate banking, finance, operations, branch automation and administration. The system is expected to go live in early 2008.

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