Founded 1917 | Industry Financial Services Parent organization RSA Insurance Group | |
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Revenue US$ 264.9 million (2015) Net income US$ 78.5 million (2015) Founders Curiel family, Joseph Alvarez-Correa, Maduro family Subsidiaries The Windward Islands Bank Ltd. | ||
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.
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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. However, by the early 20th century increasing industrialization following the discovery of oil in nearby Venezuela ushered in a demand for modern banking services.
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.
Since 1970, MCB has been affiliated with Scotiabank.