Vatican Revamps Its Bank's Ranks

By Stacy Meichtry

The Holy See announced a sweeping overhaul of the Vatican bank’s management as part of Pope Benedict XVI’s push for greater transparency at one of the world’s most secretive financial institutions.

In a statement Wednesday, the Holy See said it had appointed Ettore Gotti Tedeschi, who headed an Italian unit of Banco Santander SA, as the new head of the Vatican bank, which is called the Istituto per le Opere di Religione, or IOR. The Holy See also replaced the IOR’s management board.

The appointment marks the end of Angelo Caloia’s two decades at the helm of the IOR — a run that made him one of the Vatican’s most powerful and deeply entrenched officials. Mr. Caloia, an Italian banker and economist, was the first noncleric to run the IOR. Mr. Caloia, through his secretary, declined to comment.

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