UBS Group is said to be close to reaching a settlement worth hundreds of millions of dollars regarding Credit Suisse's violation of a longstanding agreement with the US Department of Justice in relation to tax evasion.

Credit Suisse, which pleaded guilty in 2014 to conspiring to help US citizens evade taxes, was required to keep authorities informed about its progress in closing accounts and moving funds.

The bank has already paid $2.6 billion in fines to the US, but it has faced additional penalties for failing to meet follow-up obligations.

UBS, which acquired Credit Suisse in an emergency rescue in 2023, is dealing with various legal issues from the past and has set aside around $4 billion for litigation and related matters.

Analysts estimate that UBS may pay approximately $200 million to resolve this particular case.