The report, which appeared in Reuters, cited unnamed sources. The newswire said that no charges have been laid against the Zurich-listed bank in the probe, which started in late 2017.

Switzerland's largest bank declined to comment when contacted by WealthBriefing yesterday.

Last month, UBS settled its other Italian case, a related financial investigation, with tax authorities for €101 million. Reuters added that the settlement would apply only to potential charges against the bank’s parent group, UBS and two subsidiaries, UBS Switzerland and UBS Monaco.