November 28, 2017 / 2:47 PM / 2 years ago

German savings banks pick new president after tax inquiry

FRANKFURT, Nov 28 (Reuters) - The German Savings Banks Association named Helmut Schleweis as its new President on Tuesday, succeeding Georg Fahrenschon who stepped down this month after an inquiry into his tax affairs.

The appointment is to be made official before the Christmas holidays and Schleweis, currently chief executive of Sparkasse Heidelberg, will assume office as soon as possible, it said.

Prosecutors said earlier this month they were investigating Fahrenschon, who subsequently disclosed that he filed his tax returns for the years 2012 through 2014 in 2016, but said he did not break the law.

German savings banks, owned by local governments, play a major role in the economy, together operating some 18,530 branches and employing about 320,000 people. (Reporting by Maria Sheahan; editing by Alexander Smith)

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