Jean-Baptiste de Franssu, the former head of Invesco Ltd.’s European business, was named president of the Vatican Bank as Pope Francis continues his reorganization of the Catholic Church’s scandal-tainted financial operations, reports the Financial Post.
Franssu replaces Ernst von Freyberg, who was appointed by Francis’s predecessor, Benedict XVI, at the head of the Institute for Religious Works, or IOR, as the bank is known.
“Excellent progress has been made through adherence to international standards,” according to a statement released by the Vatican. “A new anti-money-laundering framework has been put in place and every effort continues to be made to comply with this framework.”
The chairman of mergers-and-acquisitions adviser Incipit, Franssu was appointed by the pope earlier this year to the Vatican’s council that oversees economic issues.
Francis, 77, has replaced Vatican leadership in his 16 months as pontiff and made transforming the bank one of his top priorities. Franssu will lead a new board and management team at the bank. Cardinal-Prefect George Pell said yesterday that the bank needs new leaders to continue improving transparency and compliance.
“We are now in a position to move the IOR to a second phase of reform under new leadership,” Pell said yesterday in a statement.
Read more of this report from the Financial Post.