French financier to head Vatican bank

Print
Email
|

Associated Press

Posted on July 9, 2014 at 7:01 AM

Updated Wednesday, Jul 9 at 8:03 AM

VATICAN CITY (AP) — A French financier has been appointed as the new president of the Vatican's long-troubled bank.

As widely expected, the Vatican announced Wednesday that Jean-Baptiste de Franssu has been tapped to head the Institute of Religious Works, as the bank is formally called. De Franssu has been serving on a new Vatican economic council.

The outgoing president, a German industrialist named Ernst von Freyberg, worked to make the bank's transactions more compliant with international banking standards after Italian money-laundering and cash-smuggling probes stung the institution.

In an interview published in German newspaper Bild, von Freyberg declared: "The bank is now clean." Without elaborating, he said "dubious" investments resulted in costs of more than 45 million euros ($60 million).

Print
Email
|