Japan's Mitsubishi UFJ Financial Group says it plans to acquire financial technology company WealthNavi to attract more individual investors.

Mitsubishi UFJ already owns a stake in the fintech business robo-advisor. It said on Friday it has decided to turn it into a wholly-owned subsidiary by next spring through a tender offer.

WealthNavi offers automated services for investment in financial products and their management for individual customers.

Mitsubishi UFJ spent about 15 billion yen, or roughly 100 million dollars, in March this year to acquire more than 15 percent of WealthNavi.

Japan's largest financial group wants to offer automated investment services to its bank customers.

It aims to capitalize on the rise in the number of individual investors triggered by the expansion of the government's NISA tax-exemption program.