U.S. and Swiss banks Société Générale, Berner Kantonalbank reach resolution

Swiss banks Société Générale Private Banking SA and Berner Kantonalbank AH have agreed to pay the United States multimillion-dollar penalties under a resolution announced on Tuesday by the U.S. Justice Department.

Under the department's Swiss Bank Program, Société Générale will to pay a nearly $17.81 million penalty and Berner Kantonalbank will pay a nearly $4.62 million penalty, U.S. Justice Department officials said in a statement.

Berner Kantonalbank said in a statement the penalty will have no impact on its results for the current year and that it had already made appropriate provisions in 2013.