Drummonds Bank

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The Royal Bank of Scotland Plc,
London Drummonds Branch
Subsidiary
Industry Private banking
Founded 1717
Headquarters 49 Charing Cross
London SW1A 2DX
Products Wealth management
Parent The Royal Bank of Scotland Group

Messrs. Drummond is a formerly independent private bank that is now owned by The Royal Bank of Scotland Group. The Royal Bank of Scotland incorporating Messrs. Drummond, Bankers is based at 49 Charing Cross in central London. It is authorised as a brand of The Royal Bank of Scotland by the Prudential Regulation Authority.[1]

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 been based at its headquarters since 1760. The building was reconstructed in 1877 to 1881; Admiralty Arch was built and The Mall laid out nearby shortly after. The building is listed Grade II on Historic England's register of listed buildings.[2]

In 1992, RBS Holt's branch, Whitehall was absorbed by Drummonds; it continues to operate as Holt's Military Banking, based in Farnborough, offering private banking tailored to the needs of navy, army and air force 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]

  1. ^ Financial Services Authority (1 June 2010). "UK banking and savings groups". Retrieved 20 September 2010. 
  2. ^ Historic England, "Royal Bank of Scotland, Drummond's Bank (1225731)", National Heritage List for England, retrieved 17 July 2017 

Further reading[edit]

  • Hector Bolitho; Derek Wilmot Peel (1967). The Drummonds of Charing Cross. Allen & Unwin.