VATICAN BANK NAMES NEW GENERAL MANAGER AFTER TWO PREVIOUS RESIGN AMID INVESTIGATION

The Vatican bank Saturday named Rolando Marranci, a consultant brought in earlier this year to help oversee compliance, as director general as the troubled financial institution tries to transform itself after being hit by scandal.

Marranci, 60, was tapped as deputy general director in a July shake-up when Paolo Cipriani, then the bank's top official, resigned along with deputy Massimo Tulli. During Cipriani's watch, Roman magistrates froze $33 million in Vatican bank assets held in an Italian bank, charging violations of transparency protocols, according to the National Catholic Reporter.

Marranci was one of two executives with secular banking experience brought in to assist Ernst von Freyberg, the Vatican bank president who assumed the general director role on an acting basis.

Calling Marranci's service "very effective," von Freyberg said in a statement issued Saturday that the bank was "grateful that he has now accepted to serve as General Director."

Marranci previously worked with Promontory Financial Group, an independent consultant Pope Francis I brought in to review the bank's records and improve anti-money laundering efforts.

From 1980 until 2011, Marranci worked for the Banca Nazionale del Lavoro, an Italian bank where he served in a number of executive roles, including head of accounts control for the head office and Italian branches.

Improving the Institute for the Works of Religion — the official name of the Vatican bank — has been a significant issue during the early months of Pope Francis' tenure. He has appointed a commissions to advise him on the bank's structure.

Marranci's appointment comes days before the Vatican is expected to be evaluated by the Council of Europe's Moneyval committee on progress complying with international norms to fight money laundering and terror financing, the Associated Press reported.