UBS Group AG is said to be nearing a settlement of roughly €100 million with Italy over a tax evasion case.

The settlement could be agreed in the next few weeks, people familiar with the matter told Bloomberg News. The Swiss lender previously said it faced claims from Italian tax authorities and prosecutors related to its activities over a five-year period beginning in 2012, according to the May 22 report.

In January, Italian financial police reportedly asked several Swiss banks for information on their Italian units and local relationship managers, as well as how the assets of their Italian clients are managed, as part of a probe aimed at ensuring lenders pay Italian taxes. UBS, at the time, declined to comment.

UBS, which was fined €4.5 billion in February after a French court ruled that the bank was guilty of aiding and abetting tax fraud, is also facing a tax fraud investigation in Belgium, while German prosecutors are looking to fine the lender's local unit roughly €83 million for allegedly helping clients evade tax.