The Pope’s portfolio: how the Vatican Bank is cleaning up and cashing in

Once mired in scandal, the Vatican Bank is hitting performance highs while doubling down on transparency and ethical finance

Pope Leo XIV leads a procession through the Holy Door of St. Peter's Basilica on the occasion of the Jubilee of the Holy See, Monday, June 9, 2025. (AP Photo/Alessandra Tarantino)

From offices just off St Peter’s Square in the Vatican, Jean-Baptiste Douville de Franssu, a former executive at the money-management firm Invesco, and Gian Franco Mammì watch over €5.7bn at one of the world’s most exclusive banks.

It’s a pittance compared with the trillions shuffled around by the Goliaths in London or New York. But the stockpile of assets and portfolio investments is serving the higher purpose of putting a small dent in the financial strains that have squeezed the Catholic Church for years.