Frolov sets up Inbank

28 January 2010 (16:21)

UralBusinessConsulting Agency of Information and Analytics has already informed its readers a number of times that Vladimir Frolov’s new banking project will probably be called Inbank. This news was now officially confirmed by the entry in the Bank of Russia’s bank register.

OOO Inbank was formerly known as OOO Uran Commercial Bank, run by former BOD Chairman of Bank Severnaya Kazna Vladimir Frolov for the last few months.

The media first announced that Frolov’s business would probably be called Inbank after several similar domain names had been registered by Vassiliy Yurchenko (who is close to the Frolovs) in October 2009.

The name itself was not chosen by sheer coincidence. In fact, it was proposed in the course of a special contest for the bank’ new name. The contest was organized on Vladimir Frolov’s behalf via one of Yekaterinburg’s popular online portals in May 2009. The actual name was offered by a user called ‘bramin’.
Nevertheless, Vladimir Frolov himself has often said off the record that his online banking project will not be called either Inbank or In-Bank.

Despite getting its long-awaited new name, the e-bank is still operating in a test mode and only has a temporary web location. What is more, the deadline for launching it on the market keeps getting postponed. The latest news that was obtained from Vladimir Frolov via former Uran Commercial Bank’s website says Inbank will only be able to operate commercially in April 2010.

Now Vladimir Frolov claims his new project is ‘the world’s best e-bank’, so the banking community is naturally interested in finding out what domain name Inbank is going to use.

The domain name that resembles that of Inbank most closely ( currently belongs to Inbankprodukt. According to the Central Bank of the Russian Federation’s official statement, this bank is not operating at the moment. Inbankprodukt’s license was called off by the Central Bank in December 2006 because the bank failed to meet the federal regulations on the banking activity and the Bank of Russia’s normative acts; also, Inbankprodukt violated the federal legislation on counteracting laundering proceeds from criminal activity and terrorist financing. As a matter of fact, the bank was actually closed down because it was suspected of money laundering.

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