Citigroup Inc., the U.S. bank that operates in more than 140 countries, said it will work with advisory firm Borghesi Colombo & Associati to expand its investment-banking business in Italy.
“With this agreement, Citi benefits from Borghesi Colombo’s longstanding experience, relationships and execution capabilities in the Italian market,” the New York-based bank said in a statement today. The two companies will continue to operate independently.
Citigroup ranks sixth this year in advising on mergers and acquisitions involving Italian companies, according to data compiled by Bloomberg. The top arranger, Morgan Stanley, advised on $24.7 billion of deals, compared with Citigroup’s $22.6 billion, the data shows.
Citigroup is expanding internationally to counter shrinking revenue. The bank said last month that income from investment banking in the third quarter tumbled 20 percent to $930 million.
Arnaldo Borghesi, founder of Milan-based Borghesi Colombo, is a former Lazard Ltd. banker. His firm has 16 employees dedicated to advisory services, focusing on corporate finance, business strategy and corporate governance. The company advised Tiscali SpA on a possible sale in 2008 and is helping Kerself SpA, Italy’s biggest maker of photovoltaic cells, review its business structure.
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