The director and deputy director of the Vatican bank have resigned, following the arrest of a senior cleric closely connected to the bank who has been accused of plotting to smuggle €20m into Italy from Switzerland.
A statement issued by the Vatican said that Paolo Cipriani and Massimo Tulli had handed in their resignations three days after the arrest of Monsignor Nunzio Scarano, an accountant in the Vatican department, who is the subject of two separate investigations by Italian magistrates.
The bank’s president, Ernst von Freyberg, will take over as interim director general and a new position of chief risk officer (CRO) will be created to improve compliance with financial regulations.
News of the resignation of two of the top managers at the Vatican bank, known formally as the Institute for Works of Religion (IOR), comes only days after Pope Francis set up a special commission of inquiry to tackle the bank’s longstanding problems.
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
The T+2 Industry Steering Committee (T+2 ISC) has welcomed recent action by the Securities and Exchange Commission (SEC) to propose a rule ... read more
Forecasts for 2016-2020 place Africa as the second fastest growing region in the world (at a compound annual growth rate (CAGR) of 4.3%), just below Emerging Asia.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.