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 Mammė, 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 Franįois 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 reports published in May, the bank reported a net profit of 51 million euros (about $58.4 million) for 2025, up 55.5% from the 32.8 million euros ($37.5 million) recorded the previous year.
In April, the Vatican detected 78 suspicious activities involving accounts linked to the IOR.
More than 3 decades of experience in finance
Before joining the IOR in 2019, Boscia spent more than 30 years in international financial markets across several firms, including Salomon Brothers, Citigroup, RBS, and Credit Suisse First Boston.
He graduated with honors with a master's degree in finance from Bocconi University in Milan, Italy, and an executive MBA from London Business School.
In 2019, he went to Rome to serve at the IOR as its head of finance and chief financial officer. He was promoted to head of investments in 2021 and to deputy director general in 2023.
