Markets

French financier to head Vatican bank

/ AP

VATICAN CITY - 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).

First published on July 9, 2014 / 7:43 AM EDT

© 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.