BKM402775 | Banking surcharge: definition of banking company: excluded entities: other companies

An entity is also an excluded entity if it is a:

• friendly society

• credit union

• a building society

A building society remains a banking company even though it is an excluded entity this is because a building society as defined in BKM402200 will always be a banking company. Unlike a company, it does not need to meet conditions A to E to be a banking company.