Maduro & Curiel's Bank
 | |
| Company type | Privately Owned |
|---|---|
| Industry | Financial Services |
| Founded | 1917 |
| Headquarters | Willemstad, Curaçao |
| Revenue |  $260.16 million USD[1] (2011) |
| $76.6 million USD[1] (2011) | |
| Total assets | $3.244 billion USD[1] (2011) |
Number of employees | 1485 |
| Website | http://www.mcb-bank.com |
Maduro & Curiel's Bank was the first commercial bank to establish in the Netherlands Antilles and is among the largest privately held banks in the Caribbean. The bank operates 50 branches on Curaçao, Aruba, Bonaire, St. Maarten and St. Eustatius. It is headquartered in Willemstad, Curaçao.
History
On January 2, 1917, Mr. Joseph Alvarez-Correa in collaboration with the trading company S.E.L Maduro & Sons founded Maduro's Bank with an initial capital investment of 1,000,000 ANG.[2] The founding of the bank was intimately tied to the establishment of the Isla Oil Refinery and the opening of the Panama Canal, both which made Willemstad's port a regular stop on Western hemisphere shipping routes. As a result of increasing business, existing financial methods that had been handled by merchants soon became obsolete and a demand for modern banking services emerged.
In 1932, Maduro's Bank merged with Curiel's Bank to form Maduro & Curiel's Bank (MCB). Since 1970, MCB has been associated with Scotiabank.
Financial Services
In addition to commercial banking, Maduro & Curiel’s Bank has diversified into many areas of financial services such as underwriting in portfolio management and investment services, insurance brokerage, and private banking. Due to Curacao's favorable tax laws, offshore trust services have also flourished.
References
- ^ a b c "MCB Annual Report 2011" (PDF). MCB.com. January 21, 2011. Retrieved March 24, 2012.
- ^ "The Curacao Island: Maduro Curiel Bank MCB Curacao". thecuracaoisland.com. May 21, 2011. Retrieved January 3, 2012.
External links
This article incorporates text from this source, which is in the public domain.
- Maduro & Curiel's Bank [1]