The Vatican said on Wednesday it will separate its bank's investment business from its Church payments work to try to clean up after years of scandal including allegations of money laundering and tax evasion.
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.
Freyberg, who has said he is leaving for private reasons, has introduced reforms to make the IOR more transparent and compliant with international norms against money laundering, and has closed many suspicious accounts.