(Bloomberg) -- Goldman Sachs Group Inc. promoted Marco Paesotto and Edoardo Rava to co-heads of investment banking in Italy as the country experiences a flurry of deals, according to a memo seen by Bloomberg News.

The duo will work closely with Francesco Pascuzzi, who’ll continue leading the Italian franchise and serving as co-head of global power, utilities and infrastructure, as well as head of natural resources in Europe, the Middle East and Africa, the memo said.

Rava will also retain his responsibilities as co-head of EMEA corporate investment grade origination. Paesotto will continue his client responsibilities across multiple industries, according to the memo. 

A spokesperson for Goldman confirmed the contents of the memo. This co-leadership structure is similar to the one for its German business, where the Wall Street bank appointed Tibor Kossa and Jens Hofmann to co-lead investment banking last year.

Italian dealmakers are getting busier, with several multibillion-euro deals being pursued. UniCredit SpA offered to buy peer Banco BPM SpA in November, as part of an acquisition strategy that also saw the bank building a stake in Germany’s Commerzbank AG. Meanwhile, tycoon Francesco Gaetano Caltagirone and the Del Vecchio family bought stakes in Monte dei Paschi di Siena SpA as the government reduced its holdings in the lender. Last year, Telecom Italia SpA completed the sale of its network to KKR & Co., valuing the grid at as much as €22 billion ($22.7 billion). 

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