Raiffeisenbank Goes Live with City Networks Reconciliations in Head Office, Prague

London, UK and Prague, Czech Republic - 16 January 2003, City Networks, provider of software and services to the treasury, securities and derivatives markets, today announced that Raiffeisenbank a.s Prague has gone live with their CityNet Cash Reconciliation (CARS) module.

Raiffeisenbank is a network bank of RZB, the central institution of the Austrian Raiffeisen Banking Group and one of Central and Eastern Europe's leading commercial and investment Banks. Today, the RZB Group has 13 network banks and 2 representative offices spread across 13 Central and Eastern European countries. With more than 12,000 employees in over 550 offices RZB operates one of the densest banking networks within the region.

The Bank is using the CityNet Cash Reconciliation (CARS) module for all foreign Nostro reconciliations as well as for numerous internal accounts at the Prague Head Office and across its branch network. Previous to implementing this solution, the bank's staff coped with a largely manual reconciliation process, which consumed valuable time. Now the Bank can expect the benefits of higher automated match rates, with staff focused on resolving exceptions.

Pierre H. Brisse, Executive Director and Member of the Raiffeisenbank board explains why the Bank chose City Networks software "CARS was identified as being the product which would best address our needs and was positively received based on both its flexibility and its "user" view. The good experience we already had with the CityNet Confirmation Matching (TRAM) module and City Networks' integrated approach taken in relation to other products were also important factors."

Nick Russen, Managing Director for Europe and the UK at City Networks comments "Thanks to the continued efforts of our Central and Eastern Europe sales team we are able to announce the success of this latest project in the Czech republic and we look forward to announcing more sales in the region in 2003."

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