From Vatican City, CEOAFRICA.com gathered that Pope Francis has reshuffled his cabinet by naming Archbishop Pietro Parolin as the new Secretary of State.

Archbishop Parolin, 58, replaced Cardinal Tarcisio Bertone, 79, who is retiring.

According to findings from sources, the secretary of state heads the Roman Curia which is the central administration of the Catholic Church, and the Pope’s chief adviser.

Analysts said the appointment of his new secretary of state is the most important single administrative act carried out by the new Pope since his election last March. This, according to them, established Pope Francis’ already set in motion to reform many administrative aspects of the Vatican, especially the Vatican Bank which has allegedly been turning a blind eye to money-laundering by some of its clients.

Investigation into the profile of the newly appointed Secretary of State states that Archbishop Parolin, an Italian, is currently the Vatican's nuncio - or ambassador - in Venezuela.

Speaking shortly after receiving the news of his appointment, Archbishop Parolin said he said he would give the Pope his "completely availability to work with him and under his guidance for the greater glory of God, the good of the holy Church and the progress and peace".

Sources also disclosed that shortly after his appointment, Archbishop Parolin set up a commission to investigate the Vatican bank saga and report back to him personally.