Two Swiss banks will pay a total of more than $107 million to the US Department of Justice to avoid possible prosecution for helping Americans evade taxes, the department said on Thursday. Bank Lombard Odier & Co Ltd, a Geneva-based unit of Lombard Odier Group will pay $99.8 million in the deal, while Zurich-based DZ Privatbank (Schweiz) AG has agreed to pay $7.45 million, the Justice Department said.

The Justice Department has now reached agreements with more than 75 Swiss banks under a voluntary program it launched in 2013 to allow Swiss banks to resolve potential criminal charges by disclosing cross-border activities that helped US account holders conceal assets. Under the program, banks also must provide detailed information on the accounts of US taxpayers under investigation. Banks that were already under criminal investigation were excluded from the program.

A Lombard Odier spokesman said the bank has already set aside funds for the penalty and is "well positioned for the long-term development of its business activities." A DZ Privatbank spokeswoman could not be reached for comment. Lombard Odier had 1,121 US-related accounts since August, 2008, which held a total of about $4.45 billion, the Justice Department said.

Copyright Reuters, 2016