Italian bank bids for accounts of Vatican employees
October 31, 2014
An Italian bank is actively soliciting the business of Vatican employees, with the support of the Vatican Governorate.
The Governorate has reached an agreement with Banco Popolare that will allow Vatican employees to open, and the bank is planning to open a new branch just steps from St. Peter’s Square.
Banco Popolare will be competing with the Vatican’s own bank, the Institute for Religious Works (IOR), for employees’ business. The IOR currently has accounts for about 5,000 Vatican employees, but the Banco Popolare will offer a broader variety of services, including credit cards and mortgages.
The agreement with Banco Populare also comes at a time when the IOR is paring the number of its depositors, limiting its banking services to religious institutions.
For all current news, visit our News home page.
Further information:
All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a current donor, log in to see the comment form; otherwise please support our work, and Sound Off!
