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The Vatican bank named Rolando Marranci, a consultant brought in earlier this year to help oversee compliance, as director general as the troubled financial institution tries to transform itself after being hit by scandal.
Rolando Marranci had worked for Promontory Financial Group advising the Institute for Religious Works on cleaning up its accounts when he was named acting deputy director July 1.
The bank’s senior managers, Paolo Ciprianni and Massimo Tulli, had been forced out after a Vatican accountant with close ties to the bank was arrested for trying to bring 20 million euros ($26 million) into Italy from Switzerland without declaring it at customs.
Marranci was one of two executives with secular banking experience brought in to assist Ernst von Freyberg, the Vatican bank president who assumed the general director role on an acting basis.
Calling Marranci’s service “very effective,” von Freyberg said in a statement that the bank was “grateful that he has now accepted to serve as General Director.”
From 1980 until 2011, Marranci worked for the Banca Nazionale del Lavoro, an Italian bank where he served in a number of executive roles, including head of accounts control for the head office and Italian branches.
Improving the Institute for the Works of Religion — the official name of the Vatican bank — has been a significant issue during the early months of Pope Francis’ tenure. He has appointed a commissions to advise him on the bank’s structure.
Marranci’s appointment comes days before the Vatican is expected to be evaluated by the Council of Europe’s Moneyval committee on progress complying with international norms to fight money laundering and terror financing, the Associated Press reported.
Sources
AP/Washington Post
USA Today
Image: CNA
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