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Pope Francis names new head of scandal-plagued Vatican bank
Pope Francis names new head of scandal-plagued Vatican bank

The Vatican named a new head and board for its scandal-plagued bank Wednesday, capping a cleanup campaign overseen by Pope Francis that has seen hundreds of suspect accounts shut down. French financier Jean-Baptiste de Franssu, who called his new job "a mission," will oversee a two-year program to cede the bank’s asset-management business to a newly formed Vatican department, leaving the institution handling only payment services for priests and religious organizations. The change will turn the Institute of Religious Works, as the bank is formally known, into a simple retail bank, in keeping with Francis' dislike of the trappings of high finance. "Our ambition is to become something of...

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