Drummonds Bank facts for kids
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| Division | |
| Industry | Private banking |
| Founded | 1717 |
| Headquarters | 49 Charing Cross London SW1A 2DX |
| Products | Wealth management |
| Parent | Royal Bank of Scotland |
Messrs. Drummond, Bankers is a very old and famous private bank from the United Kingdom. It started a long time ago and is now part of a bigger banking group called NatWest Group. Drummonds helps people manage their money, especially those who have a lot of it. Its main office is in central London.
Contents
The Story of Drummonds Bank
How Drummonds Began
The bank was founded in 1717 by a man named Andrew Drummond. He was a goldsmith, which means he worked with gold and made things like jewelry. Over time, his business grew into a bank.
Becoming Part of a Bigger Bank
The Drummond family owned and ran the bank for a very long time, until 1924. That year, it became part of The Royal Bank of Scotland. This was the first time the Royal Bank of Scotland bought a bank outside of Scotland. Even after this, Drummonds kept its own local directors for many years.
Special Banking Services
In 1992, another special bank called Holt's branch joined Drummonds. Holt's Military Banking still exists today. It helps officers in the navy, army, and air force with their personal banking needs. At the same time, Drummonds became known again for its special private banking services.
What Drummonds Offers Today
Drummonds offers many services to its private clients. This includes managing their money and investments. They help people make smart choices with their wealth. The bank has been in its main building since 1760. This building is very old and important, and it is listed as a Grade II historic building.
Helping Lottery Winners
Drummonds even has a special team to help people who win the UK National Lottery. They help these winners manage their new wealth. This is different from their usual banking for traditional clients.
Who Banks at Drummonds?
Keeping Client Secrets
Like many private banks in London, Drummonds keeps its clients' identities a secret. This is a long-standing tradition. However, some famous people from history have been revealed as clients.
Famous Historical Clients
Many important figures have banked with Drummonds. These include King George III and other members of the royal family. Famous artists like Thomas Gainsborough and architects like Robert and James Adam also had accounts. Other notable clients include the writer Alexander Pope, the Prime Minister Benjamin Disraeli, and the engineer Isambard Kingdom Brunel. Even organizations like the Conservative Party and the Royal Academy have accounts there.
Royal Family and Their Bank Accounts
Banking for Kings and Queens
Both Drummonds and another bank called Coutts & Co. have served the British royal family. King George III moved his bank account from Coutts to Drummonds. He was not happy with Coutts because they were lending money to his son, the Prince of Wales, from his personal account.
A Change of Banks
Drummonds respected the King's wishes. But when the Prince of Wales became King George IV in 1820, he moved the royal account back to Coutts. More recently, Queen Elizabeth The Queen Mother also banked at Drummonds. She was distantly related to the family who founded the bank.
See also
- Holt's Military Banking
- Coutts & Co.
