Tesco share price: Banking unit suffers technical glitch

Customers left unable to access app and online services

Tesco share price: Banking unit suffers technical glitch

Tesco’s (LON:TSCO) banking unit has been hit by a  technical glitch leaving customers unable to access its app or online services, Reuters reports. The disruption follows IT problems at rival TSB after the challenger bank tried to migrate its computer systems from Lloyds Banking Group (LON:LLOY).

Tesco’s share price meanwhile has been subdued in London in today’s session, having given up 0.44 percent to 246.10p as of 14:33 BST. The decline is largely in line with losses in the broader UK market, with the benchmark FTSE 100 index currently standing 0.53 percent lower at 7,700.04 points. The group’s shares have added more than 35 percent to their value over the past year, as compared with about a 2.3-percent rise in the Footsie.

Glitch at Tesco Bank

Reuters reported today that Tesco Bank, a wholly-owned subsidiary of Britain’s biggest supermarket, had suffered a technical glitch which left customers unable to access its app or online services. Customers, however, are still able to access their accounts by calling the bank.

“We apologise to customers who are currently unable to access mobile and online banking,” a spokesman for the challenger bank told the newswire. “We are working hard to restore service and thank customers for their patience.”

Tesco Bank suffered a hack back in November 2016, which saw money taken from 20,000 accounts. The challenger bank subsequently refunded £2.5 million to 9,000 customers who had money stolen in the attack.

Analysts on supermarket

The 16 analysts offering 12-month price targets for Tesco for the Financial Times have a median target of 265.00p on the shares, with a high estimate of 290.00p and a low estimate of 200.00p. As of June 1, the consensus forecast amongst 22 polled investment analysts covering the blue-chip supermarket has it that the company will outperform the market. 

As of 14:57 BST, Tuesday, 05 June, Tesco PLC share price is 246.90p.

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