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© Reuters. Swiss Financial Market Supervisory Authority Chief Executive Branson attends a news conference in Bern

BERLIN (Reuters) – Mark Branson, the head of Switzerland’s financial markets regulator FINMA, is to be named the new President of German financial watchdog BaFin, German daily Handelsblatt reported on Monday, citing government sources.

Current 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.

FINMA declined to comment. BaFin was not immediately available for comment.