The savings bank president Georg Fahrenschon has resigned because of a tax affair. He settled his office on 24 November, German Savings Bank and Giro association with. In a transitional manner, Vice-President Thomas Mang and board members Karl-Peter Schackmann-Fallis and Joachim Schmalzl lead association.

Fahrenschon had filed his tax returns for 2012 to 2014 only last year at Tax Office and thus negotiated a criminal order for tax evasion.

Shortly after punishment became known, Fahrenschon spoke of a giant stupidity. At first he was still in charge of re-election and remained in office for anor six years. In course of week, however, several national associations had spoken out against him, insiders reported. That made Fahrenschon to resign.

The Savings Bank and Giro Association is one of important lobbying organisations in financial sector in Germany. He represents around 400 savings banks, seven Landesbanken, DekaBank, eight state Landesbausparkassen and eleven insurers of savings banks. Before his office as President of Union, Fahrenschon was Bavarian finance minister.

Date Of Update: 18 November 2017, 12:02