A dominant force nationally for financial services legal work, Blake, Cassels & Graydon LLP is recognized for its strength in complex transactional and regulatory matters, acting from well-staffed platforms in Ontario, Alberta, Quebec and British Columbia. The firm’s comprehensive domestic offering marks it as a popular choice for headline Canadian work, while its ability to marshal support from its offices in New York, London and Beijing ensures that it is also routinely involved in multi-jurisdictional financings for both local and foreign financial institutions and borrowers. Additionally, the group is distinguished by its ability to pair up with complementary market-leading practices within the wider firm (including capital markets, corporate and tax) to advise on multi-layered transactions. Names to note in Toronto include national group lead Paul Belanger, who advises financial institutions and insurance companies on myriad regulatory matters; Michael Matheson, considered among the country’s leading transactional specialists; Michael Harquail, who handles a mix of corporate lending, debt restructuring and general corporate matters; Simon Finch, recommended for private debt transactions, as well as for mining and project finance; up-and-coming partner Aimee Yee; and counsel Mena Bellofiore. In Calgary, Michael McIntosh QC is acknowledged as a market leader for energy-related work; he recently advised TC Energy Corporation on the sale of a 65% equity stake in the Coastal GasLink Pipeline Project and a related financing transaction, which marked largest project financing in Canadian history. Nick Tropak is another increasingly prominent name for banking and finance in Calgary. The national group also includes Montréal practice head Sébastien Vilder and Michael Birch, who spearheads the Vancouver banking team. Dawn Jetten retired from active practice in 2019.

McCarthy Tétrault’s comprehensive financial services practice is rated market-wide for its expertise in all core areas of banking and finance. Widely acknowledged as a market leader for project finance, the group also brings to bear strong skill sets in traditional corporate lending, debt capital markets, fintech and regulatory matters, including litigation. The team acts for a diverse portfolio of clients and is a fixture on bank-side mandates for major local and international financial institutions; it is also consistently instructed by trust companies, insurance companies and corporate borrowers. Richard Higa in Toronto is recognized for his close bank relationships; he recently advised CIBC, as lead arranger, on a C$2.6bn financing to support the C$4.8bn acquisition of Northview Apartment REIT by Starlight Investments and KingSett Capital. Justin Lapedus is active in a range of lender and borrower-side transactions; he counts corporate borrowers, private equity funds and financial institutions among his key clients. Stephen Furlan is also noted in Toronto for his strong track record in project finance deals. Other key transactional contacts include Joseph Palin in Calgary, who is recommended for energy-related work, and Montréal-based Michel Deschamps Ad E and Marie-France Gagnon, who spearheads the Quebec business law practice. On the regulatory front, Toronto-based fintech specialist Ana Badour advises a mix of government departments, financial industry associations and banks on financial institution regulatory matters. Barry Ryan in Toronto is also highly regarded for his senior expertise in regulatory and transactional matters; he recently stepped down to counsel but still co-heads the bank regulatory group together with Badour. Marc MacMullin now solely steers the wider financial services group from Toronto; he focuses on structured finance, asset-backed programmes and covered bond transactions. The firm has offices across Canada, as well as robust international footholds in London and New York.

Fasken’s banking and finance team is distinguished by its close relationships with major lenders, routinely acting for domestic and foreign banks and alternative lenders, including private equity funds, in corporate lending transactions and project finance. The firm is also engaged by borrowers, with its notable roster of mining-sector clients supplying a steady flow of borrower-side mandates. The group also sets itself apart through its ability to handle complex international transactions in conjunction with colleagues in its Beijing, Johannesburg and London offices. In a highlight example of its multi-jurisdictional capability, Toronto-based lender-side specialist John Torrey advised private equity fund Taurus Mining Finance Fund No. 2 on the $225m secured financing of Teranga Gold Corporation’s acquisition from Barrick Gold of the Massawa gold project in Senegal; the acquisition financing involved taking security in Africa, Australia, Europe and Canada. Also in Toronto, Thomas Meagher is an increasingly prominent banking expert, with strong skill sets in commercial debt deals and an emphasis on mining-related work. Other contacts in Toronto include Jon Holmstrom and talented associate Daniel Conrad. Marc Novello is a name to note in Montréal. In 2019, regulatory expert Stephen Clark left for Air Canada.

A 'strong team with excellent international capabilities', Norton Rose Fulbright stands out in part for its broad national presence combined with its ability to draw upon the wider firm's extensive global network, marking it as a solid choice for resource-heavy, multi-jurisdictional deals. The group is a major player in energy-related matters, especially in Calgary, but also counts infrastructure and health care financings, as well as structured finance, among its areas of focus. The team handles a good mix of lender and borrower-side mandates and continues to increase its share of traditional and alternative lender representations, with recent engagements by Bank of America, Canadian Mortgage & Housing Corporation and RBC, among others. In Calgary, Rick Borden is highly sought after for his expertise in energy and project finance transactions, where he handles both lender and borrower-side matters. David Amato co-chairs the firm’s asset-based lending practice from Toronto. Senior associate Noah Schein is also noted in Toronto; he has experience in all aspects of corporate finance. Montréal-based Peter Wiazowski is the national practice coordinator for banking and debt finance and has an emphasis on cross-border debt capital markets and banking. Other recommended names in Montréal include David Lemieux and Arnold Cohen, both of whom handle financing and restructuring matters.

A top choice for borrowers in corporate finance deals, Torys is also a prominent name for lender-side work, where it regularly advises Canada’s ‘Big Six’ banks, as well as pension funds and, increasingly, private equity funds. On the transactional side, the group handles a raft of purely domestic and cross-border matters, with leveraged finance, acquisition finance and project finance all notable strong suits. The firm also houses one of the market’s most admired bank regulatory practices, which is regularly called upon by major financial institutions (including Canada’s three largest banks), insurance companies, securities dealers and trust and loan companies to advise on complex governance, product development and consumer law issues. Key names in Toronto include banking and debt finance co-head Adam Delean, who is recommended for his broad experience in corporate banking, leveraged finance and structured finance, both for lenders and borrowers. Amanda Balasubramanian co-heads the banking and debt finance department and acts for lenders and borrowers in domestic and multi-jurisdictional transactions. Up-and-coming partner Tom Zverina is also noted for his transactional expertise in Toronto. On the regulatory front, Blair Keefe is widely considered a market leader for advising financial institutions on corporate, finance and regulatory issues. In Calgary, Kevin Fougere is highly regarded for corporate lending and project finance, with an emphasis on energy-related matters. Jonathan Weisz recently retired.

McMillan LLP houses a broad financial services practice, which brings together distinct skill sets in bank finance transactions, debt capital markets, regulatory banking matters and fintech. Spread across the firm’s offices in Alberta, British Columbia, Ontario and Quebec, the sizeable group enjoys close relationships with domestic and international banks, government institutions and corporate borrowers. Toronto-based Jeffrey Rogers co-heads the syndicated finance team and acts for Canadian and foreign financial institutions and borrowers on finance deals. Also in Toronto, Paul Avis co-chairs the financial services department and primarily advises lenders on syndicated lending, asset-based lending and real estate finance.

The Canadian arm of global firm Dentons has worked hard to raise its profile in banking and finance over recent years. A safe pair of hands for mid-market domestic and cross-border lender-side work, the group also has experience in representing borrowers. Toronto-based Dennis Wiebe leads the national group and focuses on lending transactions and restructuring and insolvency work. Michael Henriques is another key contact in Toronto and is recognized for his solid lender-side practice. The group also draws upon the experience of Toronto’s Heidi Clark and Montréal-based Joel Cabelli, both of whom advise on a full spread of finance matters.

Gowling WLG’s banking and finance practice is adept in corporate lending, debt capital markets, structured finance and project finance transactions. The firm has been particularly active on behalf of corporate borrowers of late, but it also acts for banks and alternative lenders, including credit unions and pension and private equity funds. Toronto-based David Cohen heads up the national financial services group and is recommended for restructuring, private equity and lending transactions. Christopher Alam, also in Toronto, spearheads the national lending group. In Calgary, Elizabeth Burton specializes in financings in the energy, real estate and Indigenous business spheres.