The
Camondo family was only one of the thousands of Sephardic Jewish families who had to leave Spain in 1492 expelled by the monarchs after the Reconquista. The family moved to Venice and then to the heart of the Ottoman Empire, Constantinople when Venice came under Austrian rule in 1798. The family started to get rich with the banking company “Isaac Camondo & Cie” which was established under the leadership of Ishak Camondo in 1802.
“Isaac Camondo & Cie” had grown so much and achieved such international success that it was the country’s largest and strongest bank, until the Ottoman Empire established its national bank. Enormous wealth and ,their sustained involvement in Jewish communal life earned the family the nickname “Rothschilds of the East”.
After Isaac’s death, Abraham Salomon took over the business and continued to develop it. He established deep business relationships with the reformist viziers, for whom they sometimes acted as private bankers; they helped set up the modern banking system in Turkey and built one of the largest fortunes in the Turkish territories. Abraham Salomon gained various privileges from government, even he received a medal of honor for the financing of Ottoman Empire during the Crimean War (1853-1855).