Vatican Restructures Scandal-Hit Bank, Vows Transparency

The Vatican on Wednesday said it would separate its bank's investment business from its Church payments work to try to clean up after years of scandal, and vowed to become a "model of financial transparency". French businessman Jean-Baptise de Franssu was named as the new head of the bank, officially known as the Institute for Works of Religion (IOR), succeeding German lawyer Ernst Von Freyberg, who has run the bank since February 2013.

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