German lender Deutsche Bank is about to face a penalty of more than $1.5bn for allegedly manipulating Libor as it inches closer to a deal with probe agencies.
According to the Financial Times, this would be the biggest penalty imposed on a bank accused of manipulating the Libor benchmark.
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The bank is in talks with US and UK authorities to settle the allegations to reach an agreement by the end of April 2015.
The terms of the deal have not been finalised, leaving possibilities for the fine to go higher, the report said.
The German bank has already paid a 725m fine to the European Commission for rigging yen Libor and Euribor, the European equivalent of Libor.
Deutsche Bank in a statement said: "We continue to work with the authorities that are reviewing interbank offered rates matters."
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