Credit Suisse said late yesterday it expects to pay US authorities $536 million to settle matters connected to financial dealings with Iran.

A short press release issued by the Zurich-listed bank did not elaborate significantly on details.

“Credit Suisse confirms that it is in advanced settlement discussions with the New York County District Attorney’s Office, the United States Department of Justice, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, and the Office of Foreign Assets Control,” the statement said.

“The discussions relate to a previously disclosed investigation into US dollar payments during the period 2002 to April 2007 involving parties that are subject to US economic sanctions,” it said.

Media reports said the sanctions issue related to Iran, a regime with which the US is at odds over Iran’s alleged attempt to build a nuclear bomb.

A report in the Financial Times said the payment, for which some provisions have already been taken, is expected to require an additional charge of SFr445 million ($427 million) before tax in the fourth quarter, equivalent to a net impact of SFr360 million in the period.

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