Mitsubishi UFJ Financial Group is considering a bid for Japanese robo-advisory firm WealthNavi, as it looks to expand its financial-technology capabilities.
Japan’s biggest bank will discuss the matter at a management meeting on Friday, it said in a statement, adding that no decision has been made. The Nikkei newspaper reported earlier that MUFG was planning to launch a tender offer.
MUFG took a 15% stake in WealthNavi earlier this year. The Tokyo-based fintech company, which listed in 2020, has a market capitalization of ¥62.8 billion ($416 million). Separately, WealthNavi said it will discuss the matter at a board meeting on Friday.
Founded by CEO Kazuhisa Shibayama in 2015, WealthNavi provides online wealth management services. Financial firms in Japan are seeking to get business from households that are looking to invest more of their savings as inflation emerges in Asia’s second-biggest economy.