Banque Pictet & Cie SA, the Swiss private bank and asset manager, agreed to pay $123 million (CHF107 million) to resolve a US investigation into how it helped Americans hide more than $5.6 billion in secret bank accounts.

Federal prosecutors charged Pictet with conspiring to help taxpayers use 1,637 accounts to conceal assets and income from the Internal Revenue Service between 2008 and 2014. The bank’s US clients evaded $50.6 million in taxes over that period.

The US said it will drop the case after three years if the bank agrees to certain conditions, including protecting against future tax evasion. Pictet will pay a $39 million criminal fine, forfeit $52.1 million and pay $31.8 million in restitution to the US. ...