The IOR, or «Vatican Bank,» will have a new general director: Giovanni Boscia

Pope Institute for the Works of Religion (IOR) has announced the appointment of Giovanni Boscia, who has served as deputy director general, as the next director general. Boscia will assume the position on October 1.

This appointment was decided by the Institute's Supervisory Board and approved by the IOR's Commission of Supervising Cardinals.

Giovani Boscia, a professional with «insider» experience»

Boscia is no stranger to the so-called «Vatican Bank,» where he has worked since 2019. At the IOR, Boscia has served as financial director and CFO; in 2021, he also took on responsibility for asset management as director of investments; and, since 2023, he has held the position of deputy director general.

According to the statement issued by the IOR and announced by the Vatican media, the appointment of Giovanni Boscia «reflects a solid governance structure based on a clear distinction between oversight, governance, and management bodies, and designed to ensure transparency and stability.».

In addition to his work at the IOR; Boscia has thirty years of experience in international financial markets at institutions such as Salomon Brothers, Citigroup, RBS, and Credit Suisse First Boston. He has spent most of his career in London, working at major investment banks and as a senior portfolio manager for alternative funds.

Before joining IOR, Boscia was Director of Fixed Income and Credit at Quaestio Capital SGR. He graduated with honors from Bocconi University and earned a master’s degree in finance and an Executive MBA from London Business School.

A «renewed and transparent» IOR»

The outgoing general director, Gian Franco Mammì, general director of the IOR, expressed his hope that his successor would «continue on the path we have shared thus far with unity, prudence, and vision, remaining faithful to the Institute’s mission.».

A path, according to Mammí, that is marked by the «intense and demanding process of renewal and alignment with international regulations in the financial sector.».

The outgoing director noted that he is leaving behind a «solid and transparent institute, fully recognized internationally,» and expressed his gratitude for the trust the popes had placed in his leadership.

The IOR

Known as the «Vatican Bank,» although it differs in some operational aspects from typical financial institutions, the IOR is the only institution authorized to conduct professional financial activities in the Vatican City State.

In this regard, «it offers its clients banking and investment services, managing the assets entrusted to it in accordance with the Social Doctrine of the Catholic Church and the highest international standards.».

It currently has more than 12,000 clients who are members of the Catholic Church or work for it, in more than 110 countries around the world.