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A building society is a mutually owned organization whose prime business is to offer mortgages and savings accounts.
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Ans1.A building society is a mutually owned organization whose prime business is to offer mortgages and savings accounts. Building societies generally offer a better deal to the consumer because they do not have to pay dividends to shareholders. Abbey National Building society was formed with the merger of Abbey Road and the National Building Societies on 1 January 1944.In 12 July 1989, Abbey National converted to plc and floated on the London Stock Exchange. The share price on conversion was £1.30. Abbey National is the sixth largest bank by assets (as at July 2002) in the UK, the 16th largest in Europe, and the 30th largest in the world. It is the second largest provider of mortgages and savings in the UK. To covert to a Plc. Abbey National passed a resolution enabling it to convert to plc, and bank, status. This was an option given under the Building Societies Act 1986....
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