Jacob Valero was the founder of the first private bank

Private bank

Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...

 in Palestine

Palestine

Palestine is a conventional name, among others, used to describe the geographic region between the Mediterranean Sea and the Jordan River, and various adjoining lands....

, 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 and managed it until his death.

Valero was an Ottoman

Ottoman Empire

The Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...

 subject until 1860, and then became a subject of the Austro-Hungarian Empire. The bank closed in 1915.

See also

• Chaim Aharon Valero
  Chaim Aharon Valero
  Haim Aharon Valero was a Palestinian Jewish bank manager and kollel leader. Born in Jerusalem, he was the son of Jacob Valero, family patriarch in Ottoman Palestine, who established Jacob Valero & Company, the first private bank in Palestine.After his brother's death in 1874, Haim Valero became...
  
  , son of Jacob Valero.
• Aaron Valero
  Aaron Valero
  Aaron Valero was an Israeli physician and educator who helped establish hospitals and medical schools, authored medical publications and contributed greatly to the advancement of medical education in Israel in the latter half of the 20th century....
  
  , great-grandson of Jacob Valero. Israeli physician and educator.