VATICAN CITY
Bloomberg
By Elisa Martinuzzi Sep 16, 2014
The Vatican Bank named Lazard Ltd. (LAZ)’s Italy Chairman Carlo Salvatori and Banco Santander SA’s Mauricio Larrain to the board as it completes an overhaul of lender’s governance.
The appointments add “significant financial experience and global perspective at a time when the role of IOR is being reinforced,” the bank, formally known as IOR, or Institute for the Works of Religion, said in an e-mailed statement today.
Since becoming pontiff last year, Pope Francis has replaced the Vatican Bank’s leadership and made transforming the scandal-tarnished lender one of his top priorities. The bank has closed 2,000 accounts amid allegations of money laundering.
Jean-Baptiste de Franssu, the former head of Invesco Ltd.’s European business, was named IOR president in July. The new board of seven members includes former Deutsche Bank AG Chairman Clemens Boersig.
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