Barclays Charman Marcus Agius announced his resignation Monday following allegations the U.K.-based bank tried to manipulate worldwide interest rates for its own financial gain.

Last week, the world's third largest bank was hit with 453 million dollars in fines by U.S. and British governments for trying to manipulate the London Interbank Offered Rate known as LIBOR, a global benchmark for interest rates.

The LIBOR refers to the rate at which top global banks operating in London lend to each other. It serves as a standard for some 350 trillion dollars worth of financial products worldwide.

It's confirmed that when the U.S. financial meltdown hit Europe in late 2008, Barclays purposely lowered the LIBOR rate to reduce borrowing cost and falsify a sound fiscal structure.

The British House of Commons will summon Barclays' top executives to question whether financial authorities knew about the rigging. The British government has launched an investigation.