Vatican bank sees sharp jump in profits for 2014May 26, 2015 - 08:34 AMT PanARMENIAN.Net - The Vatican bank, officially known as the Institute for Religious Works (IOR), has seen a sharp jump in its profits for 2014, BBC News reports. The bank earned €69.3mln last year, compared to just €2.9mln in 2013, when it was hit by bad investments and clean-up costs. Last year the management was replaced as part of an overhaul ordered by the Pope to stamp out corruption. The bank has promised to improve its returns to customers. "The main focus is on fundamentally improving our overall client service standards and further professionalizing our asset management services," IOR chairman Jean-Baptiste de Franssu said in a statement. As part of the overhaul, the bank pledged to screen all its accounts, bringing in anti-money laundering experts to carry out the task. As a result it has closed more than 4,000 accounts since May 2013, most of which were dormant, but 554 of which were closed because they did not meet the bank's new standards for clients. The IOR moves money around the world to finance Catholic missions and provides banking services for the Pope, clergy and religious orders. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. |