By the end of the 1990s,there had been a substantial contraction in the building society sector.What is the principal reason for this contraction in building societies?

Question

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The conversion of building societies to banks is the principal reason for the contraction in the building society sector by the end of the 1990s. Many building societies opted to become banks to take advantage of the benefits provided by the increasingly competitive and globalized financial market. As a result, the number of building societies declined sharply during this period.

By the End of the 1990s,there Had Been a Substantial