MUFG Bank, Japan’s largest lender, has taken over Bank Danamon Indonesia with an additional investment of about 420 billion yen ($3.8 billion), the Japanese company said April 29.

The total investment amount of around 680 billion yen is the highest amount invested by a Japanese company to buy a foreign bank.

The banking arm of Mitsubishi UFJ Financial Group Inc. now holds a 94.1 percent stake in Bank Danamon Indonesia, up from 40 percent.

MUFG Bank had been investing in the Indonesian bank since the end of 2017.

Foreign companies need approval from Indonesian authorities to hold more than 40 percent of the capital in an Indonesian bank. They approved MUFG Bank’s move because the funds could help strengthen the Southeast Asian nation’s financial base.

Mitsubishi UFJ Financial Group is trying to strengthen its business in foreign countries amid sluggish growth in the Japanese market due to low-interest rates and population decreases.

The group regards emerging Asian economies as the “second mother market,” and it bought Thailand’s Bank of Ayudhya in 2013.

Business abroad now accounts for 40 percent of the group’s revenue.