The establishment of the Shell Oil Refinery on the shores of the island's great natural harbor, combined with the opening of the Panama Canal, made Willemstad a busy port on the world shipping routes. The resulting business expansion made then existing banking methods obsolete, for at that time financial transactions were handled by merchants and exchange houses.
Realizing the need for improved banking facilities, our founder, Mr. Joseph Alvarez Correa, fondly known as Shon Jojo, in association with the well-known trading company S.E.L. Maduro & Sons NV, opened the doors of Maduro's Bank with an initial capital of ANG 1,000,000.- (the Netherlands Antilles guilder now equals approximately US$ 0.56). In 1932 Maduro's Bank merged with Curiel's Bank and Maduro & Curiel's Bank was born.
Since 1970, MCB has been associated with The Bank of Nova Scotia of Toronto, Canada.
Now, with branches on Curaçao, Aruba, Bonaire, St. Maarten and St. Eustatius, it is the largest commercial bank in the Dutch Caribbean. The main objective of Maduro & Curiel's Bank throughout its 100 years of existence has been to integrate responsible and innovative banking at a fair cost to its clients, fairness and security for its employees, exemplary corporate citizenship in its community, and a good return for its shareholders.
Through the past ten decades, our bank has also grown in many areas of non-banking financial services. We are well-represented in insurance brokerage, underwriting and loss adjustment, in portfolio management and investment services, private banking, and corporate management services. In 1998, we opened our Representative Office in Amsterdam, the Netherlands.
As we will be showing you, our services and products are as all-encompassing as you would expect them to be from a modern commercial bank with an excellent worldwide reputation. Our commercial and personal financial services offer you all of the products you might need for your business or home. Our electronic banking services are state-of-the-art and our family of credit and debit cards are among the most extensive in all of Latin America and the Caribbean.
Each year we submit our financials by means of a nicely presented Annual Report, in which we elaborate on a topic that we feel is important to our bank and/or community.