Swiss private bank Julius Baer has reached a $547.25m final settlement with the US Department of Justice (DOJ) regarding its legacy US cross-border private banking business.

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This settlement is part of Julius Baer’s proactive and long-standing cooperation with the DOJ’s investigation.

Also, Julius Baer has signed a deferred prosecution agreement after which it will pay the previously communicated amount of $547.25m.

Separately, two of the bank’s former employees, Daniela Casadei and Fabio Frazezetto, who were charged in 2011, pleaded guilty to conspiring to help clients dodge taxes in the US.

The bank said that it had taken provisions in June and December 2015 for the probable payout and booked them to its 2015 results.

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Julius Baer chairman Daniel Sauter said: "Julius Baer’s ability to reach this final settlement with the US Department of Justice is the result of its constructive dialogue and cooperation with US authorities."

Julius Baer CEO Boris Collardi said: "Being able to close this regrettable legacy issue is an important milestone for Julius Baer. The settlement ends a long period of uncertainty for us and all our stakeholders. This resolution allows us now to again fully focus on the future and our business activities."