Commerzbank has hired fintech founder Chris Bartz. The former head of wealth-tech platform Elinvar, which filed for insolvency last year, will join the Business Development division of Commerzbank's Private and Small Business Customers (PUK) Segment on 1 July.

The division is reportedly being reorganised to better manage changes in this business segment. The plan is to split the division into two areas. Bartz will take on the role of Managing Director of the Strategy & Projects division, which will be spun off.

Bartz is to drive forward the expansion of Asset and Wealth Management, with which Commerzbank intends to help reduce its dependence on interest income. The Strategy and Project Management & Sustainability departments are to be transferred to the new division.

Dimitrios Kostopoulos will remain in charge of the second division, Business Management (PUK), which is responsible for the segment's operational management and organisational issues. The existing departments Multichannel Management, Strategic Cost Management and Sales Strategy will be located there but will be given new names. In future, they will be called Sales Management and Controlling, Cost Management and Organisation & Committees.

Subject to approval by the employee representative bodies, the organisational changes are expected to be implemented in the autumn. In addition to his ultimately disappointing experience as a startup founder, Bartz brings with him 25 years of experience in the financial sector. His focus is on the development and implementation of business models across various product and customer groups. He has moved around a lot in the process. For example, he was a venture partner at Finleap and headed up corporate strategy and communications at Weberbank and Mittelbrandenburgische Sparkasse. Prior to this, he held various positions in the private customer business at Deutsche Bank and Dresdner Bank.

Bartz studied at the Frankfurt School of Finance & Management, the Università Bocconi, and the London Business School. He is an advisor to the German government and a member of the Digital Finance Forum.