We grew in numbers instead of size, serving different smaller markets. We have also expanded our retail business beyond department stores to include supermarkets, hardware stores, appliance superstores, and other retail formats.
At about the same time, we looked into the banking business – both at our bank and at the industry. At the time, our main bank, Banco de Oro was a medium sized bank. Because we were quite conservative in lending, the deluge of bad loans that characterized the times did not affect us. Given that, we thought it was an opportune time to grow amidst some instabilities. We reorganized and strengthened our organizations for about three years and developed growth strategies that started in the year 2000.
Encouraged by the consolidation pro