Maduro & Curiel's Bank

Maduro & Curiel's Bank (MCB) is a private Dutch Caribbean bank and financial services provider headquartered in Willemstad, Curaçao, founded in 1916 by Joseph Alvarez-Correa and the Levy-Maduro family, locally prominent Sephardi merchants.[3] MCB operates 23 branches and specializes in insurance brokerage, consumer banking, trust, private banking and corporate management services.

Maduro & Curiel's Bank N.V.
TypePrivate
IndustryFinancial Services
Founded1916
FoundersJoseph Alvarez-Correa, Levy-Maduro family
Area served
Curaçao, Aruba, Bonaire, Sint Maarten, Sint Eustatius
Key people
C.S. Norfolk
(Chairman)
Chicu Capriles
(President & CEO)
Revenue US$ 278.7 million (2019)[1]
US$ 82.4 million (2019)[1]
Total assets US$ 4.4 billion (2019)[1]
Number of employees
1,450 (2018)[2]
WebsiteMCB-Bank.com

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.[4] However, by the early 20th century increasing industrialization following the discovery of oil in nearby Venezuela and the opening of the Panama Canal ushered in a demand for modern banking services.[5]

On December 16, 1916, 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, founded by members of the Curiel family and 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 Jews fleeing persecution in the years preceding World War II.[6]

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. "MCB Financial Highlights 2019". www.mcb-bank.com. August 5, 2020. Retrieved August 5, 2020.
  2. "MCB Annual Report 2018". www.mcb-bank.com. May 10, 2019. Retrieved May 10, 2019.
  3. "Green View's The Story Of Curaçao's Greatest Banker – Green View". Retrieved 2019-10-01.
  4. "Local Bank Notes and Coins, Roots of Our Future". Curaçao Chamber of Commerce & Industry. December 11, 2002. Retrieved February 26, 2015.
  5. "The Curacao Island: Maduro Curiel Bank MCB Curacao". thecuracaoisland.com. May 21, 2011. Retrieved January 3, 2012.
  6. "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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