The Institute for the Works of Religion (IOR), colloquially known as the Vatican bank, announced yesterday that Cardinal Giuseppe Petrocchi, 76, has become president of the Commission of Cardinals that oversees it.
Cardinal Petrocchi succeeds Cardinal Christoph Schönborn, OP, who has led the commission for 12 years while concurrently serving until last year as archbishop of Vienna.
Cardinal Schönborn paid tribute to the late Pope Francis “for his valuable, constant and enlightened support during the long and demanding process of reform of the IOR.” Cardinal Schönborn also thanked Jean-Baptiste de Franssu, the IOR’s president, who “has led and overseen a far-reaching transformation of the Institute, which has gained wide recognition and esteem within the international financial community.”