Jacob Valero (1813–1874) was the founder of the first

private bank Private banks are banks owned by either the individual or a general partner(s) with limited partner(s). Private banks are not incorporated. In any such case, creditors can look to both the "entirety of the bank's assets" as well as the entire ...

Palestine Palestine, officially the State of Palestine, is a country in West Asia. Recognized by International recognition of Palestine, 147 of the UN's 193 member states, it encompasses the Israeli-occupied West Bank, including East Jerusalem, and th ...

, Jacob Valero & Company. In 1839, Jacob (Ya'akov) Valero appeared in Jewish communal records as a ritual slaughterer of the Sephardi community in Jerusalem. In 1849, he was described as a "talmid hakham" (scholar). In 1835, his profession was listed as "moneychanger." He opened his bank in 1848 in the Old City of

Jerusalem Jerusalem is a city in the Southern Levant, on a plateau in the Judaean Mountains between the Mediterranean Sea, Mediterranean and the Dead Sea. It is one of the List of oldest continuously inhabited cities, oldest cities in the world, and ...

and managed it until his death. The Valero Bank financed the building of a railway from Jaffa to Jerusalem. The Bank financed the building of the Prince Sergei Hostel in the Russian Compound and handled the money for Kaiser Wilhelm's grand entrance into Jerusalem in 1898. Valero was an Ottoman subject until 1860, and then became a subject of the

Austro-Hungarian Empire Austria-Hungary, also referred to as the Austro-Hungarian Empire, the Dual Monarchy or the Habsburg Monarchy, was a multi-national constitutional monarchy in Central Europe between 1867 and 1918. A military and diplomatic alliance, it consist ...

. The bank closed in 1915.Glass and Kark, "Sephardi Entrepreneurs in Jerusalem-The Valero Family 1800-1948"
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References

Bibliography

* "Guide to Palestine and Egypt" by Macmillan & Co, (Page 15) Published 1901. *Simon Sebag Montefiore ''Jerusalem The Biography'' (2011) Page 344,360. W&N (Orion) London. {{DEFAULTSORT:Valero, Jacob 1813 births 1874 deaths 19th-century Sephardi Jews Austro-Hungarian Sephardi Jews Bankers from the Ottoman Empire Sephardi Jews from Ottoman Palestine Valero family

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