Vatican Bank names new director general

The Institute for the Works of Religion (IOR), also known as the Vatican Bank, has named Giovanni Boscia as its next director general.

He will succeed Gian Franco Mammì, who has reached the mandatory retirement age of 70 and has led the IOR’s day-to-day operations since 2015.

Boscia, 55, will assume his new role on Oct. 1. According to a July 15 press release from the IOR, his appointment “reflects a robust governance structure based on a clear distinction between the supervisory, governing, and management bodies, and designed to ensure transparency and stability.”

The IOR was founded in 1942 by Pope Pius XII to manage the Holy See’s assets and centralize the worldwide administration of the Catholic Church’s funds. It is also the central financial institution of Vatican City State.

Personnel changes and a mixed year at the IOR Boscia’s appointment is the second leadership change at the IOR in 2026, following François Pauly’s appointment as its president. Pauly serves as a nonexecutive member assisting with oversight, whereas Boscia will oversee the bank’s daily operations as director general.

The leadership changes come amid a mixed year for the IOR. In its annual…