Marcus Agius, Chairman of Barclays Bank
Marcus Agius, Chairman of Barclays Bank

Barclays chairman to quit

THE chairman of Barclays Bank is reportedly stepping down over a scandal involving the interbank lending rate.

The BBC says Marcus Agius will announce today that he is to leave his post in the face of public and political fury over the bank's efforts to distort the rate at which banks lend to each other.

Last week, Barclays was fined $450 million for manipulating the Libor rate between 2006 and 2008 to make the bank's profits look healthier.

Libor plays a major role in international financial markets and affects the cost of lending for businesses and consumers.

Mr Agius' resignation will put more pressure on Barclays chief executive Bob Diamond, who faces a panel of MPs on Wednesday.

Read more at ABC news online.