Drummonds Bank

From Wikipedia, the free encyclopedia
Jump to: navigation, search
The Royal Bank of Scotland, London Drummonds Branch
Type Subsidiary
Industry Private banking
Founded 1717
Headquarters 49 Charing Cross
London SW1A 2DX
Products Wealth management
Parent The Royal Bank of Scotland Group Plc
Subsidiaries Holt's Military Banking

Messrs. Drummond is a British private banking house founded in 1717 by Scottish goldsmith Andrew Drummond. The bank is part of The Royal Bank of Scotland Group.

History[edit]

Goldsmith Andrew Drummond (1688–1769) founded the bank in 1717. The bank remained within the Drummonds family until 1924 when the bank was purchased by The Royal Bank of Scotland. The bank was the first acquisition for the Royal Bank south of the Scottish border and would be the first step in the bank's development into the largest bank in the world in terms of assets.

The bank offers a variety of services to its private clients, including wealth and asset management. It has had its headquarters at 49 Charing Cross in London since 1760. The building was reconstructed in 1877 to 1881; Admiralty Arch was built and The Mall laid out nearby shortly after.

In 1992, the military bank of Holt & Company was absorbed by Drummonds; it continues to operate as Holt's Military Banking, based in Farnborough offering private banking tailored to the needs of officers.

Drummonds' focus on wealth management led the bank to creating a specialised department for UK National Lottery winners separate from its more traditional practices.

Clients[edit]

As is tradition with most London private banks, account holders' identities are kept a bank secret. Some historical clients have though been revealed, including a variety of distinguished figures: HM King George III and other members of the royal family, Alexander Pope, Benjamin Disraeli, Beau Brummell, Isambard Kingdom Brunel, Robert and James Adam, Capability Brown, Josiah Wedgwood, and Thomas Gainsborough. The bank also holds accounts for organisations and institutions such as the Conservative Party and Royal Academy.

Royal account holders[edit]

Both Coutts & Co. and Drummonds have received royal patronage as is earlier mentioned. King George III moved his account from Coutts to Drummonds during his reign as he was displeased with Coutts for bank-rolling the Prince of Wales from his personal account. Messrs Drummond & Co. honoured the wishes of the King but unsurprisingly when the Prince of Wales became King George IV in 1820 he moved the royal account back to Coutts. More recent known members of the royal family include the late Queen Elizabeth The Queen Mother.

See also[edit]

The Royal Bank of Scotland also own three other private banks:

References[edit]