Andrew Drummond (banker)
Andrew Drummond | |
|---|---|
| Born | 1688 Scotland |
| Died | 1769-02-02 |
| Occupation(s) | Entrepreneur, banker, goldsmith |
| Known for | Founder of Drummonds Bank |
Andrew Drummond (1688–1769) was a Scottish entrepreneur in banking who founded Drummonds Bank located in Charing Cross, London, which later became part of the Royal Bank of Scotland.
Initially trained as a goldsmith in Edinburgh, Drummond launched his own goldsmith enterprise around 1712 at the 'Golden Eagle' in Charing Cross. By 1717, he diversified into banking, drawing an increasing number of clients, particularly Scots living abroad in London.
He was the fifth son of Sir John Drummond of Machany, who was declared an outlaw in 1690 due to his allegiance to the exiled King James II. The Drummond family maintained strong Jacobite affiliations; several of Andrew’s brothers took part in the 1715 uprising, though this had minimal effect on the bank’s business activities.
In 1716, Andrew wed Isabella Strahan (died 1731), and they had at least one child, John Drummond of Stanmore. In 1729, Andrew acquired the Stanmore estate situated in Middlesex.
During the Jacobite rebellion of 1745, Andrew’s brother Strathallan led rebel troops and was killed at Culloden. The family was subjected to an Act of Attainder, which temporarily interrupted Drummonds Bank’s operations. Nevertheless, the bank recommenced trading with leadership drawn from Andrew’s heirs as well as descendants of Viscount Strathallan.
Andrew Drummond passed away at Stanmore on 2 February 1769. Control of the bank transferred to his son John and his nephew Robert Drummond of Cadland. Drummonds Bank remained one of only two private banking institutions in London to endure into the twentieth century before being absorbed by the Royal Bank of Scotland.