BANGKOK (AP) -- Japanese megabank Mitsubishi UFJ said it plans to buy a 75 percent stake in Thailand's Bank of Ayudhya for about $5.6 billion.
Mitsubishi UFJ said in a statement Tuesday it has an agreement with GE Capital to buy its 25 percent stake in Bank of Ayudhya and will make an offer to other shareholders to secure a majority shareholding in the Thai lender.
It said it will work with Ratanarak Group, an existing group of shareholders who own about a quarter of Bank of Ayudhya, on the next stage of its development.
The Japanese financial giant said it wants to expand its commercial banking business in Asia and the investment in Bank of Ayudhya will be a platform for that.
Japanese companies are among the biggest foreign investors in Thailand, which serves as a regional production base for automakers such as Toyota Motor Corp.
Mitsubishi UFJ said the takeover offer is likely to be formally launched in November and is subject to regulatory approvals.