Italian lender Mediobanca has acquired specialist boutique Arma Partners, parachuting in 80 bankers specialising in technology deals in the latest sign of consolidation in the investment banking sector.

Mediobanca is upping its investment banking ambitions with the acquisition of Arma Partners, which is run by former Goldman Sachs banker Paul-Noël Guély. The deal is expected to bolster the Italian lender's revenue by 10% and its dealmaking fees by 30%, it said in a statement announcing the deal. Financial terms were not disclosed.