Known for its strong links with Canadian, American and global financial services institutions, Blake, Cassels & Graydon LLP offers a holistic banking and finance practice, covering both transactional and regulatory issues. With locations in the four business centres of Toronto, Montreal, Calgary and Vancouver, its national team is positioned effectively to lead on domestic banking matters, while its international office network makes it a leading choice for clients with cross-border needs, including household names like Credit Suisse. Paul Belanger leads the national team from the Toronto office, advising service providers on regulatory issues, including governance, risk management and other areas. Also based in Toronto is Michael Matheson, who co-led a multi-jurisdictional matter for Intact Financial Corporation worth C$12.3bn. The Calgary-based Michael McIntosh has also been busy, advising on construction credit facilities to TC Energy for multiple major oil and LNG projects. Also based in Calgary is Nick Tropak, who maintains a broad financial practice. Simon Finch is known for his work with foreign financiers, in particular relating to private debt transactions. Aimee Yee is particularly active in cross-border refinancing transactions, while counsel Mena Bellofiore provides high-end financial regulatory compliance work.

Known for the breadth of its transactional experience (covering acquisition financing, syndicated lending, structured financing, refinancings and restructuring of loans), McCarthy Tétrault offers banking support to top-flight international and domestic clients. It is particularly well regarded for its strength in project financing. With an integrated approach, the team leverages its broad array of commercial practices to support its banking clients in regulatory matters. Beyond that, it also offers litigation services to a number of Canadian financial institutions, including in class-action lawsuits related to regulatory matters. Richard Higa is known for his well-established transactional practice, with recent highlights including advice to Bank of America on a C$19bn bridge loan to Rogers Communications to facilitate the purchase of Shaw Communications. Another key figure on the transactional side is Stephen Furlan, who is highly regarded for his work in structuring and negotiating substantial project finance loans. His notable work has included advising a syndicate of 11 lenders on the C$1bn Cascade power plant projects. Ana Badour and Barry Ryan head up the firm’s regulatory work, with Badour known for acting on behalf of government agencies, industry associations as well as foreign and domestic banks. Justin Lapedus is known for his multi-jurisdictional financing work, and Ian Mak and Noel Chow ‘offer excellent knowledge and timely service and are great in communication’. Marc MacMullin heads the practice as part of the broader financial services team.

Fasken's banking team acts for a broad domestic and international clientele, with an emphasis on acquisition finance, private equity, leveraged finance and project finance. Known for its work on behalf of lenders, the team has strong relationships with major institutions in the Canadian financial services sector, as well as key links in Beijing, London and Johannesburg. The department is particularly specialised in mining sector-related matters, and acts on a number of borrower-side mandates in this field, including project finance and corporate credits. Toronto-based John Torrey served as lead counsel to a syndicate of lenders providing TELUS $500m of acquisition financing for the purchase of Lionbridge AI. Also based in Toronto is Thomas Meagher, who has led on a number of key mining mandates for the firm, and rising star associate Daniel Conrad. Marc Novello and Angela Onesi are key figures in the firm’s Montreal office. Calgary-based Scott Sangster is known as ‘a very knowledgeable and capable financial services lawyer’, focusing on Western Canadian matters.

Norton Rose Fulbright excels in cross-border transactions, where it is able to leverage its broad global office network to serve its Canadian client base. It acts for top-flight lenders, including Bank of America, on a number of large syndicated facilities, project financings and other restructured finance agreements. On the borrower side, it offers particular strength in transactions in the energy, transport and infrastructure sectors. Energy work is often led by Rick Borden out of Calgary, who acted for the Canadian Imperial Bank of Commerce to provide a C$1bn sustainability-linked credit facility. In Toronto, David Amato is known for his work in debt financing and asset-based transactions, and Elana Hahn is known for her cross-border transactional work. In Montreal, national practice coordinator Peter Wiazowski offers significant expertise in multi-jurisdictional debt financing, and Arnold Cohen focuses on asset-based lending. In a notable development, Noah Schein was promoted to partner.

Torys offers a strong financial services practice, acting on behalf of both blue-chip corporate borrowers and Canadian lenders. One of the firm’s key strengths is its understanding of the national regulatory environment, and it has advised the Big Six Canadian banks on a number of matters including the bank recapitalization regime.  On the transactional side, the firm has extensive experience in leveraged transactions and acquisition financing, particularly those involving private equity. The team is primarily based out of Toronto, with Adam Delean and Amanda Balasubramanian co-heading the banking and debt finance group. Delean is known for his work with leveraged and structured financings, often leading on multibillion-dollar transactions with the Big Six banks, and Balasubramanian advises on corporate debt financings. On the regulatory side, Blair Keefe is regarded for his market-leading practice, which includes a number of high-value acquisitions. Tom Zverina is noted for his M&A and mining financing work, and Kevin Fougere has an active transactional practice based out of Calgary.

Known for its work with alternative lenders and credit providers, Bennett Jones LLP also acts on the lender side for traditional banks, in both new financings and refinancings. Its most notable offering is on the borrower side, with a leading practice in the natural resources sector, where it acts for both mining and energy companies. Within this area, Mark Rasile acted for Cenovus on the debt financing for its merger with Husky Energy. It is also a national leader in aircraft financing. Steve Lutz and Patrick Brennan jointly lead the practice from Toronto and Calgary respectively, advising lenders and aircraft financiers. Karen Dawson, also in Calgary, stands out for her significant experience with alternative lenders, while John Teolis is key on the financial regulatory side. David Rotchtin is known for his cannabis-sector expertise.

With a notable lender-side practice, Borden Ladner Gervais LLP advises on banking matters across all five Canadian legal markets, as well as acting in cross-border matters. The group was instrumental in the establishment of key business relief funds guaranteed by the Canadian government, most notably advising Export Development Canada on the C$55bn Canada Emergency Business Account program. It also offers a solid financial regulatory practice, which is particularly known for its work with non-traditional lenders, including credit unions and private equity, and is increasingly active in the fintech space. Toronto-based Gus Karantzoulis is noted for his work for the Bank of Nova Scotia and others in a broad range of sophisticated lending transactions. Also in Toronto is Howard Silverman, who often acts for borrowers. Its Montreal-based lawyers include transactional and regulatory advisory expert Olivier Tardif, as well as national and regional group heads Claudine Millette and Stephen Redican.

With significant expertise in multi-jurisdictional financings, Dentons' banking practice acts for a range of domestic and international lenders, including the Big Six national banks. It is particularly known for its emerging markets finance work, with expertise in the cannabis, fintech and cryptocurrency sectors. Dennis Wiebe leads the Toronto-based national team, with expertise in restructuring and lending transactions. Michael Henriques is known for his work on behalf of lenders, in particular sponsor/fund transactions. Heidi Clark and Montreal-based Joel Cabelli also offer broad transactional expertise. The team’s regulatory arm has been strengthened by Marisa Coggin joining the Toronto office from Cassels Brock & Blackwell LLP.

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Gowling WLG offers a strong lending-side practice, advising all six major banks and a range of non-traditional lenders. It also has a growing practice acting for corporate borrowers, with experience in acquisition financing and bond offerings. Toronto-based partner Christopher Alam heads the national lending group, acting for a wide range of financial institutions including US banks. Dom Glavota and Elizabeth Burton in Calgary are also key contacts, with respective expertise in loan recovery and syndicated finance. David Cohen in Toronto leads the financial institutions and services group. Harold Chataway and Derek Winett retired.