Troubled Vatican bank names consultant as manager
VATICAN CITY (AP) — The troubled Vatican bank has named an Italian banking consultant as its new top manager.
Rolando Marranci had worked with Promontory Financial Group advising the Institute for Religious Works when he was named acting deputy director last July amid a scandal that forced the bank's top two managers to resign.
At the time, the bank's president, Ernst Von Freyburg, was named acting director while he continued on as president and board member, a seeming conflict of interest that appears to be resolved now that Marranci has taken over day-to-day operations of the institute.
The appointment was announced Saturday, days before the Vatican is due to be evaluated by the Council of Europe's Moneyval committee on its progress complying with international norms to fight money laundering and terror financing.