A destination practice for banking and finance, Blake, Cassels & Graydon LLP stands out for its premier firepower in both the regulatory and transactional spheres. In terms of the former, Paul Belanger is widely acknowledged as a market leader; he recently paired up with Vladimir Shatiryan to advise Royal Bank of Canada on the regulatory aspects of its C$13.5bn acquisition of HSBC Bank Canada — the deal, which was also co-led by specialists in the corporate and dispute resolution practices, additionally highlights the team’s enviable ability to link up with practices from across the full-service firm to resource large-scale matters. Other key names on the regulatory front include Jacqueline Shinfield, Bonny Murray and newly promoted partner Mena Bellofiore. Michael Matheson is a go-to name for corporate and commercial finance transactions; he advised Toronto-Dominion Bank/TD Securities and Bank of Nova Scotia (as co-lead arrangers and underwriters) on C$1bn in senior secured revolving credit facilities and back-stop facilities to support GIC and Dream Industrial REIT’s acquisition of Summit Industrial Income REIT. Other recommended transactional specialists include Simon Finch, who focuses on private debt transactions; and Calgary-based partners Michael McIntosh KC and Nick Tropak. Michael Harquail recently retired. Named lawyers are based in Toronto unless otherwise stated.

The banking and finance practice at McCarthy Tétrault strikes a balance between transactional and regulatory mandates, while the firm’s comprehensive national network also ensures that work is well weighted between Canada’s key business hubs. In Toronto, Richard Higa is sought after for transactional matters; he acted as Canadian counsel to Golub Capital Markets, and a syndicate of lenders, on the financing of Excelitas Technologies Corp. Other transactional specialists in Toronto include Gordon Baird; Justin Lapedus; and project finance specialist Stephen Furlan. Additionally, Joseph Palin and counsel Michel Deschamps are noted for lending deals in Calgary and Montreal respectively. The deep and broad group also includes regulatory and fintech expert Ana Badour, who recently acted alongside Hartley Lefton to advise Novacap on the regulatory aspects of its partnership with online financial marketplace, Ratehub.ca — significantly, Montreal-based Mary Jeanne Phelan led the transactional aspects of that work. Other key contacts include Ian Mak; recently promoted partner Noel Chow; and debt capital markets expert Marc MacMullin, who leads the overarching financial services group — all are focused on transactions and based in Toronto.

Fasken is considered by many as a market leader for mining finance. That being said, its sector expertise extends far beyond mining to include recent transactions in the TMT, engineering, retail, and manufacturing spheres, among others, where it primarily acts on behalf of lenders. In Toronto, Thomas Meagher is a go-to specialist for mine finance; national department co-chair David Johnson maintains a broad lender and borrower-side practice; while national group co-head Dev Singh is also recommended. Additionally, Angela Onesi and Andrew Jackson co-head the national practice from Montreal and Vancouver respectively, while Calgary-based Scott Sangster spearheads the Alberta team. Other transactional contacts in Toronto include David Ferris and recently promoted partner, Daniel Conrad. The department also houses robust regulatory expertise, with Toronto-based Koker Christensen highly regarded in this field.

Norton Rose Fulbright’s team is distinguished by its extensive national and international network, which includes six offices in Canada as well as on-the-ground platforms in Africa, Asia, Europe, Latin America, the Middle East and the US. The firm’s international outlook notably marks it as a popular choice for cross-border — particularly US-related — financings. The Calgary office is a strong performer in energy-related matters, with Rick Borden recently advising Royal Bank of Canada, as administrative agent, on a senior secured $150m term facility and a $700m revolving facility to Enerflex. Marlow Gereluk is also recommended in Calgary. Key names in Montreal include asset-based lending co-chair Arnold Cohen; corporate finance and restructuring partner David Lemieux; and dual Quebec- and New York-qualified national practice co-ordinator Peter Wiazowski. In Toronto, asset-based lending co-chair David Amato and regulatory head Tim Stewart are noted.

Widely admired for its formidable regulatory offering, Torys stands out for its  record in complex banking M&A as well as day-to-day compliance matters. It additionally handles lending work, where it primarily advises borrowers on corporate financings; less frequently, the group also represents financial services clients on lending transactions. Adam Delean co-leads the banking and debt finance practice and advised Ontario Power Generation on a financing with with Canada Infrastructure Bank to support early works expenditures. Other transactional contacts include banking and debt finance co-head Amanda Balasubramanian; Calgary-based Kevin Fougere, who is highly regarded for energy-related issues; and Tom Zverina. Go-to financial institutions expert Blair Keefe jointly leads the regulatory department alongside Jill McCutcheon. Recently promoted regulatory partner Eli Monas and Calgary-based associate Tyrel Henderson are also recommended. Named lawyers are based in Toronto unless otherwise stated.

Predominantly active on behalf of corporate borrowers, Bennett Jones LLP also advises lenders on finance transactions, including alternative lenders such as private equity clients and hedge fund debt investors. In Toronto, Mark Rasile is recognized for his experience in advising borrowers and lenders on a mix of syndicated loans, acquisition finance and restructuring transactions, among other matters. The Toronto team also includes regulatory specialist John Teolis; up-and-coming transactional partner David Rotchtin; and banking and secured transactions co-head Simon Grant. In Calgary, department co-head Karen Dawson and high-profile aviation finance expert Patrick Brennan are recommended. Former group co-head Steve Lutz left the firm in September 2022.

Borden Ladner Gervais LLP maintains a broad banking and finance practice, which acts for both corporate borrowers and lenders on financings; it also contributes significant regulatory expertise. The national group enjoys a prominent platform in Montreal, which is the seat of national financial services lead Claudine Millette; she specializes in advising lenders on financing matters. Other key names in Montreal include Vincent Frenette, who focuses on corporate finance and acquisition finance; and Montreal group head Olivier Tardif, who handles transactional and regulatory work. In Toronto, Gus Karantzoulis and Howard Silverman are noted for finance transactions, while Stephen Redican heads the national regulatory practice.

In a strong statement of intent, Cassels Brock & Blackwell LLP bulked up its banking and finance practice with a string of new arrivals during 2022/23. Most notably, in June 2022 the group established a lending team in Calgary through the hire of five new partners: Bria Fallen, Mike Hrabok, Sunil Joneja and Scott McLeman joined from Gowling WLG, while David Kolesar arrived from Torys. The national group acts for corporate borrowers, as well as traditional and alternative lenders, and is particularly sought after for its reputation in mining and cannabis-related transactions. Charles Rich, Charles Newman and Jennifer Wasylyk co-head the banking and specialty finance department from Toronto. Marc Mercier, Alison Manzer and Jason Arbuck are also recommended in Toronto, while David Budd splits his time between Toronto and Vancouver.

Dentons’ global network is reflected in a client list that encompasses a range of non-Canadian banks and alternative lenders. The group also routinely advises Canadian borrowers and domestic financial institutions, with a focus on the energy, infrastructure, TMT and financial services industries. Ryan Middleton and Robert de Guzman co-head the transactions-focused team from Toronto and Edmonton respectively. Other key names in Toronto include Dennis Wiebe, Michael Henriques and Heidi Clark. Joel Cabelli and Marie-Josée Couture are noted in Montreal.

Gowling WLG fields a comprehensive banking and finance practice, which brings to bear niche expertise in specialist areas such as fintech, blockchain and Canada payments rules. Toronto-based Christopher Alam leads the national lending team, and, additionally, leads the Toronto real estate and financial services groups. Calgary lead Elizabeth Burton is also noted for her robust transactional finance practice. Other key contacts include Dom Glavota, who splits his time between Toronto and Hamilton, and Toronto-based Kelby Carter.