Bank of Ayudhya Pcl saw its shares increased following a report from a local newspaper citing a financial market source claiming Japan's Mitsubishi UFJ Financial Group (MUFG) made a bid to buy General Electric's stake in the Thai bank in a 40 baht per share deal.

MUFG is one of the bidders to acquire the stake of General Electric in Bank of Ayudhya, which is the fifth-largest lender in Thailand.

The acquisition of General Electric Capital International Holding Corp.'s stake, which is 25.3 percent, will be worth almost 62 million baht or $2 billion.

Also bidding for GE's stake is Malaysia's Khazanah Nasional Bhd.