The potential payout relates to an earlier deal over tax evasion by U.S. clients of Credit Suisse, the rival Swiss bank that UBS acquired in 2023.

The banking giant is set to pay at least a nine-figure sum over collapsed lender's failure to cooperate with efforts to catch tax-evading clients, according to the Wall Street Journal.

A U.S. Senate committee found that Credit Suisse violated the plea deal made in 2014 by continuing to help ultra-wealthy Americans evade taxes and concealing more than $700-million from the government

UBS Group (NYSE:UBS) is close to paying hundreds of millions of dollars for alleged violations by Credit Suisse of an earlier agreement with the U.S. Justice Department regarding U.S. clients who evaded tax,