The Sovereign Military Order of Malta (SMOM) announced on Wednesday that Fra' Francis J. Vassallo was named Receiver of the Common Treasure. The Sovereign Council's appointment of Fra' Francis was made effective on 23 June at its most recent ordinary session.

Fra' Francis, a Professed Knight in the Order of Malta, who previously served as President of the Board of Auditors, met with the Common Treasure staff on Wednesday morning to set expectations and explain his priorities for the Department. Fabrizio Colonna, the former Receiver, tendered his resignation for "personal reasons" on 20 June 2025.

Born in Malta in 1948, Fra' Francis graduated with a BA (Hons) in Economics from the Royal University of Malta in 1969. He was subsequently hired at Chase Manhattan Bank in Milan. After completing the Chase International Management Program, he moved to the headquarters in New York.

His international assignments included positions in the Dominican Republic, New York, London, Geneva, and Madrid, rising to senior executive roles. He was appointed General Manager of Chase Spain and Joint General Manager of Chase Switzerland. He held key responsibilities in commodities, private banking and institutional governance, serving on the boards of Chase Luxembourg and Chase Channel Islands.

In 1993, he was appointed Governor of the Central Bank of Malta. After his term, he founded his own financial consultancy firm, Francis J. Vassallo & Associates.

Fra' Francis joined the Sovereign Military Order of Malta in 2000 as a Knight of Magistral Grace and made the Promise of Obedience in 2008. He took his First Vows as a Professed Knight of Justice in 2015, just after his wife passed away and his Solemn Vows in 2021. He has held several prominent positions in the banking sector in Malta, including Non-Executive Director of FIMBank, Chairman of BAWAG Malta, and Chairman of Mediterranean Bank. In 2009, he was appointed Special Envoy Ambassadorial Status of Malta to Latin America to negotiate tax treaties on behalf of Malta with various countries in the region.

He was decorated as Officer of the Order of Isabella la Catolica by King Juan Carlos of Spain and awarded the Order of Merit by the Republic of Malta. Fra' Francis has three children and eight grandchildren.