As Bank Mandiri buys Tunas Finance, is the bank ready

to get a larger share of Indonesia's consumer finance pie?

Bank Mandiri, Indonesia's largest financial services company, agreed to buy a 51 percent stake in the automobile finance unit of car retailer Tunas Ridean.

Mandiri didn't say how much it will pay for the stake in Tunas Financindo Sarana in an e-mailed statement in Jakarta.

The Jakarta-based company's second purchase in less than a year will help it expand its consumer finance business, which has so far been “very limited,” the statement said. Mandiri in January said it plans to spend as much as 1 trillion rupiah ($108 million) for a controlling stake in a finance business.

“Tunas Finance will spearhead Bank Mandiri's drive in increasing the bank's consumer finance market share,” Agus Martowardojo, president of Mandiri, said in the statement.

Tunas Finance, which has 978 employees in 32 offices across Indonesia, extended 2.03 trillion rupiah of credit last year, Mandiri said. The lender completed the acquisition of Bank Sinar Harapan Bali earlier this year.

Car sales in Indonesia rose 51 percent to 237,941 vehicles in the first five months of the year, according to the Indonesian automotive association.

After Tunas Finance, which company could be next in Mandiri's acquisition list?