BaFin director to temporarily take top seat if Hufeld search continues

BaFin executive director Raimund Roeseler will temporarily take over as head of the German financial watchdog if the search for a new president continues beyond March, a person with knowledge of the matter said on Thursday.

President Felix Hufeld is leaving BaFin at the end of the month after coming under pressure for failing to spot wrongdoing ahead of the collapse of the payments company Wirecard.

Roeseler currently oversees banking supervision at BaFin and is one of a handful of chief executive directors.

BaFin is a part of the German finance ministry, which didn’t immediately respond to a request for comment.

Germany’s Boersen-Zeitung first reported the development.