Glenbrook Adds New Partner: Bryan Derman

BRYAN DERMAN JOINS GLENBROOK PARTNERS

New Partner Adds ATM, Debit Card, and Online Banking Expertise to Consulting Firm

Menlo Park, CA – May 26, 2004 – Glenbrook Partners, a leading financial services consulting and research firm, today announced that industry executive Bryan Derman has joined the firm as a partner. With a strong belief in the need to create business models that couple technology initiatives with business objectives, Bryan is well- positioned to help clients with strategy development, product conceptualization, and the application of technology to solve leading- edge problems in the financial services industry.

"Bryan brings a very well-rounded perspective to his consulting practice," said Scott Loftesness, a managing partner with Glenbrook. "He is well versed in the economics of all retail banking businesses and has particular expertise in payment card issuance, online payment security, and the electronic delivery of financial services."

Bryan comes to Glenbrook with over 20 years experience in the financial service industry as a senior executive, strategy consultant, and security analyst. Before joining Glenbrook, Bryan served as vice president of strategic development for Cyota, overseeing the payment security company’s relationships with strategic partners including card associations and payment processors. Prior to that, he worked for First Data Corporation (FDC) as senior vice president for debit products at First Data Merchant Services.

"Bryan is a seasoned operating executive who knows first hand how to run a profitable service business," said Allen Weinberg, a managing partner with Glenbrook. "His extensive experience in debit payments and retail banking nicely complements our existing expertise in credit payments and commercial banking."

Earlier in his career, Bryan established the Electronic Banking Division as a senior vice president at NatWest Bancorp in New York. There he had responsibility for the bank’s ATM network, debit card issuance, and online banking. Bryan also served as chief financial officer and head of business planning for NatWest’s retail bank and performed similar duties within Citibank’s New York retail banking network. He has also worked as an equity research analyst, covering large capitalization banks stocks at Morgan Stanley, and he began his career as a consultant at McKinsey & Company, managing strategy development engagements for large financial institutions.

"Based in metropolitan New York, Bryan extends our ability to serve clients on a national basis," said Carol Coye Benson, a managing director with Glenbrook Partners. "He will play a leadership role working with Glenbrook’s clients in the New York area and developing the firm’s East Coast consulting practice."

ABOUT GLENBROOK PARTNERS

Glenbrook Partners is a consulting and research firm that helps companies leverage the electronic delivery of financial services, with particular focus on payments, risk management, digital identity, and authentication. Through consulting services, the firm helps clients with strategy definition, product development, and the application of technology to solve leading edge problems. Through research services, the firm offers value-added opinion, analysis, and insight into the pressing issues of the financial services industry. For more information, visit http://www.glenbrook.com/.