London: Barclays bank chairman resigns over rate rigging scandal at the company.

Resignation was confirmed by Marcus Agius. He is allegedly stepping down from the position  after the British banking giant was last week fined for attempting to manipulate inter-bank lending rates.

In his statement, Mr Agius said: "The buck stops with me."

Barclays' chief executive Bob Diamond will be appearing before MPs on the Treasury Committee on Wednesday. However, Mr Agius is supposed to answer their questions on Thursday.

Mr Agius, who also serves on the BBC's executive board, also stated,"Last week's events were evidence of unacceptable standards of behaviour within the bank".

He further added, "the findings had "dealt a devastating blow" to Barclays' reputation."

The New search of the Chairman will begin from Monday by a non executive director of Barclay, Sir John Sunderland