Luxembourg-based executive François Pauly has been appointed to lead the Vatican Bank, replacing the long-standing chair of the Institute for Religious Works (IOR).
Pauly, 61, currently chief executive of insurance group Lalux, is set to become chairman of the IOR’s supervisory board following a meeting scheduled for April 28, the bank said on Wednesday.
He will succeed Jean-Baptiste Douville de Franssu, who has led the Vatican bank since 2014 and is stepping down after more than a decade in the role.
Douville de Franssu pointed to a period of transformation during his tenure, saying the institute had moved beyond earlier governance issues to become a stable and internationally recognised financial institution delivering “solid financial results”.
The IOR, commonly known as the Vatican Bank, currently serves around 12,000 clients worldwide, including the Pope, the Holy See and institutions of the Catholic Church.
Cardinal Giuseppe Petrocchi, who heads the commission of cardinals overseeing the IOR, thanked the outgoing chairman for his role in reshaping the bank and expressed confidence in its future under new leadership.
(This article was originally published by the Luxemburger Wort. Translated using AI and edited by Kabir Agarwal.)