Vatican names German lawyer as head of its bank

VATICAN CITY Fri Feb 15, 2013 6:03pm IST

Tourists visit Saint Peter's square at the Vatican February 14, 2013. REUTERS/Tony Gentile

Tourists visit Saint Peter's square at the Vatican February 14, 2013.

Credit: Reuters/Tony Gentile

Stocks

   

VATICAN CITY (Reuters) - The Vatican appointed German lawyer Ernst von Freyberg to be the new president of its bank on Friday, filling a post left vacant since May when the previous head was ousted from the scandal-tainted institution.

The appointment was made by a commission of cardinals and approved by Pope Benedict and is likely to be one of his last major decisions before he resigns at the end of the month.

The Vatican has been trying to shed a reputation for a lack of financial transparency at the bank, officially known as the Institute for Works of Religion (IOR), but has been dogged by scandals for decades.

A Vatican statement said Freyberg brought "a vast experience of financial matters and the financial regulatory process." Born in 1958, he is on the advisory board of temporary employment agency Manpower GmbH (MAN.N) and of asset management firm Flossbach von Storch AG.

In May, the board of the IOR unanimously passed a no confidence motion against then head Ettore Gotti Tedeschi, an Italian.

Like Gotti Tedeschi, the new bank chief is a devout Catholic.

The Vatican said some 40 people from around the world were considered for the post.

Vatican spokesman Father Federico Lombardi, in answer to a question at a news briefing, said Freyberg was not a personal friend of the pope's.

(Writing by Robin Pomeroy)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

SCOTLAND REFERENDUM

Reuters Showcase

No Ground War

No Ground War

Obama vows U.S. will not fight another ground war in Iraq.  Full Article 

Beheading Plot

Beheading Plot

Militants urged Australian "demonstration killings" - PM Abbott.  Full Article | Related Story 

Fatal Vaccination

Fatal Vaccination

Measles vaccination campaign halted in northern Syria after 15 children die.  Full Article 

Cancer Detected

Cancer Detected

Toronto Mayor Rob Ford diagnosed with rare cancer.  Full Article 

Ebola Outbreak

Ebola Outbreak

Ebola could drain billions of dollars from African economies - World Bank.  Full Article 

Pakistan Floods

Pakistan Floods

Pakistani Islamists use floods to turn opinion against India  Full Article 

Ukraine Tension

Ukraine Tension

Ukraine PM tells army to be on full battle alert despite ceasefire.  Full Article 

Chemical Weapons

Chemical Weapons

Syria reveals more chemical weapons facilities to watchdog - sources.  Full Article 

Pakistan Protests

Pakistan Protests

Pakistan's PM threatens to clear protesters camped in capital.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage