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Ukrainian lender PrivatBank has moved its entire data centre to the European Union to shield itself from the ongoing Russia-Ukraine war.
The lender has migrated key applications to the cloud to ensure uninterrupted access to financial services such as banking and access to cash.
“We worked on migrating our IT systems from physical data centres to a cloud – in order to limit our dependence on physical hardware located in different regions across Ukraine from being destroyed during war,” the bank’s statement read.
The move follows the National Bank of Ukraine’s decision to allow banks to store client data outside the country in the wake of the war.
PrivatBank said it has moved over 3,500 servers, 270 critical applications and over four petabytes of clients’ data & transactions to the cloud.
The bank informed that during the data migration its services faced some disruptions.
The bank now operates entirely from Europe, PrivatBank supervisory board member Roman Sulzhyk noted during an event.
“We intend to continue operating in this mode further and provide the best services to our clients in the most convenient way and at the time they need them,” the bank said.
Meanwhile, last month, Ukraine’s central bank proposed to seize the assets of local arms of Russia’s Sberbank and Prominvestbank.
The assets of Russian lenders are worth $889m and include government bonds, cash, and deposit certificates.