- Tesco said it would pay a £16.4m fine to UK regulators after its banking unit fell victim to a cyber attack.

In November 2016, funds were debited from customer accounts via 35 transactions as part of a sophisticated fraud operation.

Tesco said the Financial Conduct Authority recognised that it responded quickly to stop the transactions and deployed considerable resources to reimburse customers.

'We are very sorry for the impact that this fraud attack had on our customers,' Tesco Bank chief executive Gerry Mallon said. 'Our priority is always the safety and security of our customers' accounts and we fully accept the FCA's notice.'

'We have significantly enhanced our security measures to ensure that our customers' accounts have the highest levels of protection.'

'I apologise to our customers for the inconvenience caused in 2016.'

At 12:56pm: [LON:TSCO] Tesco PLC share price was -2.45p at 237.35p

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