Vatican Bank names new director general

The Institute for the Works of Religion, commonly known as the Vatican Bank, appointed Giovanni Boscia as its new director general. Boscia, 55, assumed the role on Oct. 1, succeeding Gian Franco Mammì, who retired after reaching the mandatory age of 70.

Boscia will manage the daily operations of the bank, following the earlier 2026 appointment of François Pauly as president. While Pauly serves as a nonexecutive member providing oversight, Boscia handles the institution's day-to-day management. An IOR press release from July 15 stated the appointment is intended to ensure transparency and stability through a governance structure that separates supervisory, governing, and management functions.

The leadership transition follows a year of varied financial results for the IOR. The bank reported a net profit of 51 million euros for 2025, a 55.5% increase from the 32.8 million euros recorded the previous year. However, the Vatican also detected 78 suspicious activities involving accounts linked to the bank in April. Founded in 1942 by Pope Pius XII, the IOR manages the assets of the Holy See and serves as the central financial institution for Vatican City State.