The monument has its name in honor of the banker, entrepreneur and politic Victor Emilio Estrada Sciaccaluga, born in Guayquil, on May 22nd of 1891 and perished on February 21st of 1954.
Estrada, son of the Ecuadorian ex-president Emilio Antonio Estrada Carmona, was considered the biggest propellant of the city economic development , founder of “La Previsora bank” and “Banco Nacional de Credito” and very important companies such as: Coca Cola, Ford, General Electric and Kodak.
The monument of 5 meters high, has its genesis in the first days of 1955, when several entrepreneurs and industrials got together at the citizen Juan Guillermo Martinez house, to deal about the sculpt of a monument in honor to Estrada. To that, they created a committee that decided to hire the sculpture Pablo Palacio to make a sculpture that was built in 1963 by the Club de Leones and initially located in a roundabout of Quito and El Oro streets. Later it was transferred to Urdesa park.