Vatican Bank Names Salvatori, Larrain to Board in Revamp

By Elisa Martinuzzi
Bloomberg
September 16, 2014

http://www.bloomberg.com/news/2014-09-16/vatican-bank-names-salvatori-larrain-to-board-in-revamp.html

The Vatican Bank named Lazard Ltd. (LAZ)’s Italy Chairman Carlo Salvatori and Banco Santander SA’s Mauricio Larrain to the board as it completes an overhaul of lender’s governance.

The appointments add “significant financial experience and global perspective at a time when the role of IOR is being reinforced,” the bank, formally known as IOR, or Institute for the Works of Religion, said in an e-mailed statement today.

Since becoming pontiff last year, Pope Francis has replaced the Vatican Bank’s leadership and made transforming the scandal-tarnished lender one of his top priorities. The bank has closed 2,000 accounts amid allegations of money laundering.

Jean-Baptiste de Franssu, the former head of Invesco Ltd.’s European business, was named IOR president in July. The new board of seven members includes former Deutsche Bank AG Chairman Clemens Boersig.

Salvatori, 73, joined Lazard in 2010. Larrain, 64, is external director of Santander Bank Group Chile, IOR said in the statement.

To contact the reporter on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net

To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net Cindy Roberts, Steve Bailey