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The new president of the Vatican's Institute for Work of Religion, commonly known as the Vatican Bank, is announced after months the institution has been operating without a leader.
German lawyer Ernst Von Freyberg, a member of the Sovereign Military Order of Malta, which is an ancient chivalrous order drawn from European nobility, will head the embattled bank.
The bank's board ousted Italian banker Ettore Gotti Tedeschi for incompetence in May 2012. The move came at a time the Vatican was submitting its finances to Council of Europe committee for a review in a bid to be listed as a financially transparent country.