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Swiss Bank, Under US Pressure, Reaches Settlement Agreement

FILE - A logo of the Swiss private bank Julius Baer is seen at the company's headquarters in Zurich. The bank has set aside $547 million for the settlement.

Swiss private bank Julius Baer says it has reached a tentative agreement with U.S. authorities over allegations it helped American clients cheat on their taxes.

The bank made the statement Wednesday, adding that it has set aside some $547 million to cover the cost of the settlement. The new figure adds $197 million to the $350 million it originally announced it had set aside in June for the settlement.

The Julius Baer settlement proposal has been approved by the U.S. Attorney's Office for the Southern District of New York. It is still subject to final approval from the U.S. Department of Justice.

The bank says it aims to get that final approval in the first quarter of 2016.

In a statement, the bank says it "remains committed to cooperating proactively" with the U.S. investigation.