Maduro & Curiel's Bank

Maduro & Curiel's Bank N.V.
Private
Industry Financial Services
Founded 1917
Founders Joseph Alvarez-Correa, Maduro family, Curiel family
Area served
 Curaçao, Aruba, Sint Maarten, Caribbean Netherlands
Key people
 C.S. Norfolk
(Chairman)
Chicu Capriles
(President & CEO)
Revenue Increase US$ 264.5 million (2017)[1]
Decrease US$ 58.8 million (2017)[1]
Total assets Increase US$ 4.348 billion (2017)[1]
Number of employees
 1,460 (2017)[1]
Website MCB-Bank.com

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 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. 1 2 3 4 "MCB Annual Report 2017". www.mcb-bank.com. April 30, 2018. Retrieved April 30, 2018.
  2. ↑ "Local Bank Notes and Coins, Roots of Our Future". Curaçao Chamber of Commerce & Industry. December 11, 2002. Retrieved February 26, 2015.
  3. ↑ "The Curacao Island: Maduro Curiel Bank MCB Curacao". thecuracaoisland.com. May 21, 2011. Retrieved January 3, 2012.
  4. ↑ "Maduro & Curiel's Bank, Roots of Our Future". Curaçao Chamber of Commerce & Industry. December 11, 2002. Retrieved August 10, 2012.

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  • Maduro & Curiel's Bank
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