A millionaire investment banker has been fined for cutting up a police car with his bicycle before leading officers on a 20-minute bike pursuit through the Square Mile.

Tanneguy Marie De Carné, 53, who is the global head of SG Corporate & Investment Banking, ran numerous red lights and cycled on busy city pavements while ignoring repeated orders from police to stop during the chase, a court heard.

The pursuit, which happened on March 21 this year, began when French banker De Carné cut off a police car while turning from Mansion House Street into Queen Victoria Street in the City of London.

De Carné told magistrates he "panicked" when officers asked him to stop.

He eventually pulled over near Old Jewry after a police car sounded its siren and tried to block his path.

De Carné, who had no legal representation, apologised to the court. He said: "I apologise to the court and I apologise to the officers. I admit the offences.

"I panicked, I thought I could continue cycling and I lost control. I am ashamed of what I have done, and it's a humbling experience, and again I am sorry."

During sentencing at City of London Magistrates' Court yesterday, chair of the bench, Catherine Hobey-Hamsher, said the offence "diminishes the really rather low esteem cyclists already have", adding "people do not like cyclists, and you are doing nothing to enhance their reputation".

De Carné, who lives in a £2.7million home in St John's Wood, was given a £2,460 fine after pleading guilty to dangerous cycling and failing to stop for police.