Swiss bank Credit Suisse said it was likely to pay a hefty $536 million to settle a U.S. probe into payments made between 2002 and 2007 involving parties that are subject to U.S. economic sanctions.

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 (OFAC), it said in a statement late on Tuesday.

As part of the settlement, Credit Suisse is likely to pay a total of $536 million combined.

The Swiss bank said the expected settlement was likely to result in 445 million Swiss france ($428.3 million) charge this quarter or about 360 million francs after tax.

($1=1.039 SWISS FRANC)

(Writing by Lisa Jucca; editing by Gunna Dickson)