London (CNN Business) UBS faces a massive financial penalty in France after a court there ruled that the Swiss bank helped its wealthy clients avoid taxes.

The court delivered its verdict in Paris on Wednesday, ordering the bank to pay €4.5 billion ($5.1 billion) and finding it guilty of money laundering and illegal client solicitations.

The fines include €800 million ($907 million) in civil damages payable to the French state.

UBS UBS Shares indropped sharply after the verdict was announced, trading down 4.2% in Switzerland. The fines are roughly equal to the bank's net profits for 2018.

Switzerland's largest bank said that it would issue a statement "as soon as possible following applicable disclosure requirements." The bank previously said the "lack of a case for the prosecution" had been "very evident."

Read More