Commerzbank has promoted Marcus Chromik to become its new chief risk officer, effective Jan. 1, 2016. He succeeds Stefan Schmittmann, who informed the company in September of his intent to leave the bank at the end of this year.

Chromik, whose appointment is subject to approval by the European Central Bank, is currently chief credit risk officer at Commerzbank's core banking operations, a position he has held since 2012. Previously, he served as chief market risk officer for Commerzbank's corporates and markets segment for more than three years and was responsible for the bank's market and liquidity risk management.

Schmittmann, who has been chief risk officer of Commerzbank since 2008, will remain involved with the company from 2016 onward as a member of the central advisory board.