Cardinal Giuseppe Petrocchi becomes president of the Vatican bank’s oversight commission, succeeding Cardinal Christoph Schönborn.
Newsroom (03/02/2026 Gaudium Press ) Cardinal Giuseppe Petrocchi, the retired archbishop of L’Aquila, Italy, has been appointed president of the Cardinalitial Commission of the Institute for the Works of Religion (IOR), more widely known as the Vatican bank.
Petrocchi succeeds Cardinal Christoph Schönborn, the retired archbishop of Vienna, who has led the oversight commission since 2014. Schönborn is stepping down after reaching the age limit, concluding a 12-year term marked by complex reforms and greater international transparency.
In a statement, the commission expressed gratitude to Schönborn “for his valuable leadership and for the commitment with which he supported and accompanied the institute during decisive phases of its reform process.” The statement praised his contribution to ensuring stability and guidance aligned with the IOR’s mission and reform goals.
Schönborn, reflecting on his tenure, voiced “profound gratitude” to Pope Francis for his “constant and enlightened support” throughout what he described as a “long and demanding” process of institutional renewal. He also extended thanks to Gian Franco Mammì, the institute’s director general; the IOR leadership and staff; and the supervisory board chaired by Jean-Baptiste de Franssu, noting their collective role in “a far-reaching transformation” now recognized in the international financial community.
Petrocchi, in accepting the appointment, acknowledged the progress achieved under his predecessor while emphasizing the need for continued collaboration and ethical stewardship. “I have witnessed important developments carried out by the institute in service of the Holy Father and the universal Church,” he said, pledging ongoing dedication to “continuous improvement, transparency, and shared responsibility.”
The announcement also marked the first appearance of Cardinal Ángel Fernández Artime, pro-prefect of the Dicastery for Institutes of Consecrated Life and Societies of Apostolic Life, as the newest member of the commission. Pope Leo XIV recently appointed him to the oversight body.
The Cardinalitial Commission, composed of five cardinals named by the pope, ensures the IOR’s adherence to its statutes and mission. Members, appointed for five-year terms, may be confirmed once. Alongside Petrocchi and Fernández Artime, current members include Cardinal Konrad Krajewski, Cardinal Luis Antonio Gokim Tagle, and Cardinal Emil Paul Tscherrig.
Petrocchi’s leadership begins amid continued emphasis on accountability and ethical finance within Vatican institutions — priorities that have defined Pope Francis’s broader push for reform over the past decade.
- Raju Hasmukh with files from CNA
Related Images:
