Vatican appoints new head to scandal-plagued bank

Vatican appoints new head to scandal-plagued bank

Wednesday, July 9, 2014 11:38 am


VATICAN CITY – The Vatican named French businessman Jean-Baptiste de Franssu to head up its scandal-hit bank on Wednesday, as part of a radical overhaul of the murky institution which will include the creation of a new asset management body.

“Our ambition is to become something of a model for financial management rather than cause for occasional scandal,” Vatican finance minister George Pell told journalists, while Franssu said he was “honoured” to oversee the bank’s transformation.

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