Maduro & Curiel's Bank
 | |
| Private | |
| Industry | Financial Services |
| Founded | 1917 |
| Founders | Joseph Alvarez-Correa, Maduro family, Curiel family |
Area served | Curaçao, Aruba, Sint Maarten, Caribbean Netherlands |
Key people |
N.D. Henriquez (Chairperson) Chicu Capriles (President & CEO) |
| Revenue |
 US$ 264.9 million (2015)[1] |
 US$ 78.5 million (2015)[1] | |
| Total assets |
US$ 3.889 billion (2015)[1] |
Number of employees | 1,506 (2015)[1] |
| Website |
MCB-Bank |
Maduro & Curiel's Bank (MCB) is a private Dutch Caribbean bank and financial services provider headquartered in Willemstad, Curaçao. MCB operates 32 branches and specializes in credit/debit cards, insurance brokerage, trust, private banking and corporate management services.
History
Beginning in 1893, the absence of coins and banknotes in Curaçao led S.E.L. Maduro & Sons to issue money coupons up until the introduction of the 1901 Coinage Act. For a long time this Maduro Money was accepted as payment on the ABC islands.[2] However, by the early 20th century increasing industrialization following the discovery of oil in nearby Venezuela ushered in a demand for modern banking services.[3]
On January 2, 1917, after a failed bid to take over the Central Bank of Curaçao, local financier Joseph Alvarez-Correa with the financial backing of S.E.L. Maduro & Sons established Maduro's Bank, the island's first commercial bank. In 1932, Curiel's Bank, which had grown from the highly successful banking department of Morris E. Curiel & Sons, merged with Maduro's Bank to form MCB.
The bank is considered the first to have extended credit to Eastern European immigrant groups fleeing persecution in the years preceding World War II.[4]
Since 1970, MCB has been affiliated with Scotiabank.
Maduro & Curiel's Group
- Maduro & Curiel's Bank N.V.
- Caribbean Mercantile Bank N.V.
- Maduro & Curiel's Bank (Bonaire) N.V.
- The Windward Islands Bank Ltd.
- MCB Risk Insurance N.V.
- Maduro & Curiel's Insurance Services N.V.
- Progress N.V.
- MCB Securities Administration N.V.
- Caribbean Factoring Services B.V.
- FactorPlus Aruba N.V.
- FactorPlus Sint Maarten N.V.
References
- 1 2 3 4 "MCB Annual Report 2015". www.mcb-bank.com. March 14, 2016. Retrieved March 15, 2016.
- ↑ "Local Bank Notes and Coins, Roots of Our Future". Curaçao Chamber of Commerce & Industry. December 11, 2002. Retrieved February 26, 2015.
- ↑ "The Curacao Island: Maduro Curiel Bank MCB Curacao". thecuracaoisland.com. May 21, 2011. Retrieved January 3, 2012.
- ↑ "Maduro & Curiel's Bank, Roots of Our Future". Curaçao Chamber of Commerce & Industry. December 11, 2002. Retrieved August 10, 2012.
External links
This article incorporates text from a publication now in the public domain: