Severe Thunderstorm Watch expires at 10:00 PM on 7/23, issued at 2:15 PM Adams, MA | Ashley Falls, MA | Becket, MA | Berkshire, MA

French financier to head Vatican bank

The Vatican. (File) (Clive Brunskill, Getty Images)
The Vatican. (File) (Clive Brunskill, Getty Images)
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 7/09 9:10 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, German industrialist 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).

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

The views expressed here do not necessarily represent those of FOX23 News.

No comments yet!
Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.