Recent results on the gamma-ray spectroscopy of the neutron-rich nucleus 67Co, populated through multi-nucleon transfer reactions by bombarding a 238U target with a 460 MeV 70Zn beam at the Legnaro National Laboratory, are presented. The development of deformation in Co isotopes approaching the N=40 subshell closure is discussed within the shell model framework in a very large model space. These calculations are able to describe with good accuracy the excited states observed in 67Co, at the edge of the island of inversion at N=40, where a low lying highly deformed band coexists with a spherical structure.