November 7, 2017 / 2:03 PM / 4 months ago

Munich prosecutor says investigating banker on suspicion of tax evasion

FRANKFURT, Nov 7 (Reuters) - Prosecutors are investigating the head of Germany’s savings banks association over allegations of tax evasion, the Munich public prosecutor said on Tuesday.

Georg Fahrenschon, who is one of Germany’s most prominent bankers as president of the German Savings Banks Association, said in a statement that he paid his taxes late but denied breaking any law.

German savings banks, owned by local governments, say they play a major role in the economy, together operating some 18,530 branches and employing about 320,000 people.

Reporting by Tom Sims; Editing by Greg Mahlich

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