Thai lender Bank of Ayudhya, a member of Mitsubishi UFJ Financial Group (MUFG), is planning to invest THB6.8-10bn ($208-$307m) in three years on information technology and branch expansion.

The bank, referred to as Krungsri, will invest THB2-3bn per year on information technology upgrades and THB8-10m per new branch, according to a Reuters report.

Krungsri president and CEO Noriaki Goto said: "To support these business directions, Krungsri plans for an investment in enhancing IT platform and operational excellence as well as expand service channels (100 new branches and 2,000 new ATMs nationwide)."

As a part of its Mid Term Business Plan (2015-2017), the firm will emphasize on three key strategic thrusts involving growing assets, increasing fee income and reducing cost of funds.

Goto said: "These three strategic thrusts are further supported by the following core business dimensions: continuous leadership in consumer finance, stronger commercial banking market position, and enlargement of customer base under a customer-centric approach."

He added: "On the retail side, Krungsri is to maintain the leading position in consumer finance segments, while advancing its market share in mortgage lending through competitive product launches and wallet share enlargement with key partnering developers."