UBS Group AG is said to be close to resolving a long-standing tax dispute with the United States Department of Justice, which also involves Credit Suisse.

The settlement, which could amount to hundreds of millions of dollars, is expected to be finalized soon.

This development comes after Credit Suisse's admission of guilt in 2014 for conspiring to help American clients evade taxes.

As part of a plea agreement, the Swiss bank had already paid $2.6 billion and committed to identifying and closing any undisclosed accounts held by U.S. citizens.

However, Credit Suisse's failure to provide additional information to the Department of Justice has left them vulnerable to further penalties.