VATICAN CITY (AP) — The Vatican has chosen a French financier to become the new president of its bank, which is overhauling the way it operates after a series of financial scandals.

As widely expected, the Vatican announced Wednesday it had tapped Jean-Baptiste de Franssu to head the Institute of Religious Works, as the bank is formally called. De Franssu, whose expertise is in investment banking, has been serving on a new Vatican economic council.