The House of Herrera has played a significant role in international trade and is largely responsible for pioneering the earliest known banking system in Latin America.
The Herrera dynasty met the Velutini dynasty, a noble family with roots in Italy and Germany, and in 1890 the Velutini family founded the Bank of Venezuela and the Bank of Caracas. The Velutini family helped set in place the Venezuelan Central Bank and created their own currency, backed by a large gold mine. Even today the Herrera Velutini family is one of the largest landowners in Venezuela; this includes one of the biggest oil reserves in the world.