The Institute for the Works of Religion - colloquially known as the 'Vatican Bank' - has appointed Rolando Marranci as its general director.

Marranci begins work in his new post at the IOR immediately, the Vatican announced Nov. 30th.

He is promoted from the post of IOR's deputy general director, a position he assumed on 1 July 2013. The Vatican said his appointment had been approved by the Cardinals' Commission examining the work of the Institute.

Marranci, 60, was one of two executives with secular banking experience brought in to assist Ernst von Freyberg, the president of IOR who was appointed earlier this year.

He previously worked with Promontory Financial Group, an independent consultant Pope Francis brought in to review the IOR's records and improve anti-money laundering efforts.

From 1980 until 2011, Marranci worked for the Banca Nazionale del Lavoro, an Italian bank where he served in a number of executive roles, including head of accounts control for the head office and Italian branches.