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| - A building society is a financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending. The term building society first arose in the 19th century, in the United Kingdom, from co-operative savings groups: by pooling savings, usually in terminating deposits, members could buy or build their own homes.
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abstract
| - A building society is a financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending. The term building society first arose in the 19th century, in the United Kingdom, from co-operative savings groups: by pooling savings, usually in terminating deposits, members could buy or build their own homes. In the UK today building societies actively compete with banks for most banking services, especially mortgage lending and deposit accounts. As of 2008, there are 59 building societies in the UK (listed below) with total assets exceeding £360 billion. Every building society in the UK is a member of the Building Societies Association. The number of societies in the UK has declined by a tenth during 2008 due to a series of mergers brought about, to a large extent, by the consequences of the financial crisis of 2007-2008.
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