Louis Hagen, chair of the board of managing directors of MünchenerHyp, was today (Thursday) elected president of the Association of German Pfandbrief Banks (vdp), where he previously served as chief executive.

He takes over as vdp president from Jan Bettink, speaker of the board of managing directors at Berlin Hyp, who held the role for three terms from 2010.

Hagen said that the regulatory requirements facing Pfandbriefe, which are growing increasingly stringent, will be the key focus of his term of office.

“Jan Bettink led the vdp skillfully in difficult times,” he added. “Under his leadership the vdp gained 13 new members. The Pfandbrief Act was amended to make it more investor-oriented, and the appropriate privileged treatment of the Pfandbrief was at the heart of all regulatory initiatives.”

Hagen joined MünchenerHyp after being vdp chief executive from 2001 to 2009, and he also worked in Brussels for the German industry body. During his time at the association he was instrumental in the establishment of the European Covered Bond Council and its founding chairman from 2004 to 2007.