Leveraging its enviable bank-side relationships, Blake, Cassels & Graydon LLP fields go-to teams for both financial services regulation and transactional work. On the regulatory front, Paul Belanger ranks among the market’s leading experts; he advises lenders (including all of Canada’s ‘Big Five’ banks), insurance companies and others on the full spectrum of related issues, including governance and product development matters. Among his recent marquee highlights, Belanger acted alongside Vladimir Shatiryan to advise Royal Bank of Canada on the regulatory aspects of its C$13.5bn acquisition of HSBC Bank Canada. Other key contacts for regulatory work include Jacqueline Shinfield, who co-heads the financial services regulatory group together with Belanger; Bonny Murray, who specializes in banking, payments and payment technologies and insurance; and Mena Bellofiore, who has a focus on consumer protection issues concerning financial services and products. Michael Matheson spearheads the transactional side of the practice and is considered by many as a leading light for corporate and commercial finance. Additionally noted for transactions are Simon Finch, who represents both borrowers and lenders in private debt transactions; Calgary-based Michael McIntosh KC, who has an emphasis on energy-related financings; and Calgary’s Nick Tropak, who is also recommended for energy and project finance-related matters. Named lawyers are based in Toronto unless otherwise stated.

Noted for its ‘speed, expertise and accountability’, Davies Ward Phillips & Vineberg LLP’s banking and finance practice is additionally characterized by its transactional firepower. Arguably best known for its record in large-scale borrower-side mandates, the team also handles a significant volume of lender-side matters for major Canadian and global banks. In Toronto, Carol Pennycook is widely regarded as a reference in the market for banking and finance work, particularly project finance; she recently led the team’s advice to Canada Infrastructure bank on its C$235m financing to electric vehicle charging network, FLO. The Toronto team also draws on Joel Scoler, who enjoys close links to major lenders; Derek Vesey, who frequently acts for borrowers and lenders; Scott Hyman, whose practice spans banking, corporate and capital markets law; and next-generation partners Peter Martorelli and Jennifer Prieto. In Montreal, department co-head Dan Wolfensohn is recommended. In September 2023, dual-qualified (New York/Ontario) counsel Hugh McKee joined from GLAS — he will split his time between Canada and the US.

Fasken’s banking and finance offering is well distributed across its national offices, which is reflected in a broad practice that shines in mining finance, corporate finance and regulatory matters, among other spheres. Key names for transactional work in Toronto include department co-head David Johnson who recently advised a syndicate of banks, agented by Bank of Montreal, on the $1.3m financing of the acquisition and take private of Lookers Group. The Toronto team also includes Thomas Meagher, who is highly regarded for mine finance; national department co-head Dev Singh, who is highlighted as a ‘rising star on Bay Street’; and Daniel Conrad, who is ‘one of the hardest-working lawyers in Canada’. The group additionally draws on fellow national co-heads Angela Onesi (Montreal) and Andrew Jackson (Vancouver) as well as Scott Sangster, who leads the area in Calgary. On the regulatory front, Toronto-based Koker Christensen is widely recognized as a market leader; he co-heads the financial services practice together with Montreal-based Nicolas Faucher.

McCarthy Tétrault houses a dominant transactional finance practice, which routinely advises banks and corporate borrowers across a comprehensive range of acquisition financings, asset-based lending, cross-border transactions and structured finance deals, among other matters. Richard Higa is highly regarded for transactional work, where he is recognized for his close bank-side relationships. Higa recently acted for the administrative agent (Toronto Dominion Bank) and the co-lead arrangers (Scotiabank, TD Securities, BofA Securities, Bank of Montreal, Canadian Imperial Bank of Commerce and RBC Capital Markets) on a C$4bn revolving term credit facility to Rogers Communications Canada. Other transactional specialists include Montreal-based counsel Michel Deschamps, who is additionally well versed in regulatory matters; Gordon Baird, who is particularly active in the power and infrastructure spheres; Justin Lapedus, who maintains a broad transactional practice; and Ian Mak, whose focus spans banking, finance and private equity. The firm also fields a significant regulatory offering, with Hartley Lefton recommended for his advice to banks as well as fintech and insurtech companies. Christine Lonsdale is also noted for regulatory work, while Marc MacMullin is recommended for debt capital markets — both co-head the financial services department together with Lapedus. In November 2023, structured finance and derivatives specialist François Gilbert joined in Montreal from Stikeman Elliott LLP. In May 2024, regulatory partner Ana Badour left to join EQ Bank.

Possessing ‘the strongest banking team in Calgary’, according to some, Norton Rose Fulbright’s sizeable national banking and finance practice also fields well-staffed groups in Montreal, Toronto, Quebec City and Vancouver. In Calgary, Rick Borden is highly sought after for his expertise in energy-related financings, which was recently showcased by his advice to Gibson Energy on the financing of its $1.1bn acquisition of South Texas Gateway Terminal. Marlow Gereluk and senior associate Joe Mooney are also noted in Calgary. The department additionally fields a deep bench in Montreal, which includes asset-based lending specialist Arnold Cohen; David Lemieux, who has a strong record in large-scale finance transactions; dual-qualified (Quebec/New York) Peter Wiazowski, who serves as national practice coordinator for banking and debt finance; and up-and-coming partner Michèle Friel. In Toronto, David Amato stands out for his thriving lender-side practice, while Tim Stewart heads the financial services and regulation unit.

Stikeman Elliott LLP’s premier corporate offering translates into a banking and finance practice that specializes in borrower-side mandates. The group is routinely involved in headline-grabbing transactions with strong showings in acquisition finance, syndicated lending, project finance, mine finance and asset-backed finance, among other areas. Jennifer Legge heads the group in Toronto and is equipped to handle the full range of banking and finance matters, with notable experience in large-scale and event-driven transactions. Other key contacts in Toronto include Daphne MacKenzie, who has a focus on mining finance; Craig Mitchell, whose practice straddles banking and finance and private equity; Meaghan Obee Tower, who is well versed in both transactional and regulatory issues; and talented associate Victoria Zaric. Howard Rosenoff heads the group in Montreal and is a prominent name in that market. Serge Levy, whose practice encompasses transactional and regulatory work, is also noted in Montreal. Regulatory expert Peter Hamilton retired in June 2024.

Lawyers at Torys ‘find business solutions to legal problems’, according to clients. Combining a prominent transactional offering with one of the market’s leading regulatory practices, it impresses with its ability to cover the waterfront on banking and finance issues. The regulatory group had a banner year during 2023/24, which saw high-profile financial institutions expert, Blair Keefe, acting alongside banking and debt finance co-head, Amanda Balasubramanian, to advise Bank of Montreal on its acquisition of the ‘AIR MILES’ reward business of LoyaltyOne, among other marquee bank M&A deals. Additional regulatory specialists include Jill McCutcheon, who co-heads the regulatory practice alongside Keefe; fintech-focused senior counsel Brigitte Goulard; Peter Aziz, who co-chairs the payments area; and next-generation partner Eli Monas. Key transactional partners include the already mentioned Balasubramanian; Adam Delean, who contributes extensive experience in advising borrowers and lenders; Calgary-based Kevin Fougere, who is recommended for corporate lending and project finance; Tom Zverina, who maintains a broad debt finance practice; and Calgary-based senior associate Tyrel Henderson. Named lawyers are based in Toronto unless otherwise stated.

A force in the energy and natural resources and infrastructure spheres, Bennett Jones LLP’s banking and finance expertise additionally extends to the private equity, transport and TMT fields, among others. Frequently appearing on the borrower side of transactions, the team also acts for banks and alternative lenders — including private equity clients — on financings. Recommended names in Toronto are: Mark Rasile, who routinely represents the full range of banks, alternative lenders, borrowers and sponsors on financings; next-generation transactional partner David Rotchtin; Simon Grant, who co-heads the banking and secured transactions practice; and seasoned regulatory specialist John Teolis. In Calgary, department co-head Karen Dawson and go-to aviation finance expert Patrick Brennan are key contacts. In August 2023, banking and finance partner Yannick Beaudoin joined in Montreal from Blake, Cassels & Graydon LLP.

Borden Ladner Gervais LLP is distinguished by its extensive national footprint, with the banking and finance team represented across all five of its offices in Alberta, British Columbia, Ontario and Quebec. In Toronto, Gus Karantzoulis is highly regarded for his full-service banking and finance practice, which encompasses advice to financial institutions, alternative lenders and borrowers on corporate, real estate and project finance. Also noted in Toronto are Stephen Redican, who heads the national regulatory practice, and transactional banking partner Howard Silverman. In Montreal, national financial services lead Claudine Millette is recommended for her robust lender-side practice. Olivier Tardif and regional managing partner Vincent Frenette also handle transactional matters from Montreal.

Goodmans LLP’s banking and finance team ‘positions its clients to make informed business decisions’. Primarily recognized for its advice to corporate borrowers, where it routinely handles high-value transactions, it also has an increasingly prominent lender-side practice, with its recent work spanning advice to financial institutions and alternative lenders. David Nadler heads the Toronto-based group and is noted for his extensive experience in corporate lending, real estate finance and acquisition finance, among other issues. The group additionally draws on the senior experience of Michael Bertrand, who has a robust lender-side practice, and corporate and finance partner Celia Rhea. Other recommended names include Jeffrey Citron, Dan Dedic, Karen Vadasz and Kyle Gerow.

Historically recognized for its record in mining deals, Cassels Brock & Blackwell LLP’s banking and finance practice has expanded its sector focus over recent years, with additional strong showings in the energy, TMT and financial services spheres — for both borrowers and lenders. Charles Newman co-chairs the department from Toronto and handles a mix of banking, finance, private equity and infrastructure work. The Toronto team also includes financial services chair Charles Rich and deputy firm managing partner Jennifer Wasylyk, who specializes in mine finance. Other key contacts in Toronto are: Marc Mercier, Alison Manzer and Jason Arbuck. In Calgary, David Kolesar and department co-head Bria Fallen are noted, while David Budd divides his practice between Toronto and Vancouver.

Dentons’ banking and finance team is a popular choice to advise on cross-border financings, where it can leverage the wider firm’s global platform. It also benefits from a generous national network, which encompasses six offices across Canada. The national department is co-led by Ryan Middleton in Toronto and Robert de Guzman in Edmonton. The Toronto group also includes Michael Henriques, Heidi Clark, Radha Khosla and Dennis Wiebe. In Montreal, Joel Cabelli and Marie-Josée Couture are key contacts.

Earning strong praise from clients for its practical approach, Aird & Berlis LLP’s financial services team ‘knows the value of coming to a reasoned solution’. The Toronto-based team acts for a broad mix of corporate borrowers, banks and alternative lenders on small to large-scale financings and insolvency matters. Corporate lending partner Aaron Collins, noted as a ‘subject matter expert’ co-heads the group alongside Steven Graff, who maintains a broad financial services, corporate and litigation practice. Also noted are Jill Fraser and Kyle Plunkett — both of whom ‘go above and beyond’.

Calgary stalwart Burnet Duckworth & Palmer LLP is highly regarded for financings in the energy and natural resources field, in line with its signature strength. The firm’s close relationships with oil and gas companies sees it more frequently on the borrower side of transactions, but it also handles lender-side work. Kathy Pybus fronts the department and has recently led work on behalf of borrowers and lenders. Also noted are Nancy Smith, who focuses on corporate finance and project finance, and up-and-coming partners Simina Ionescu-Mocanu and Nicole Chorley.

Gowling WLG’s banking and finance practice garners a significant volume of real estate-related transactions, with Toronto-based based lending head, Christopher Alam, additionally leading the real estate team in Toronto. The national group also includes Calgary-based Elizabeth Burton, who specializes in energy, real estate and agribusiness-related financings; Toronto-based Kelby Carter, who advises on transactional and regulatory matters; and Toronto’s Robert Farmer, who — like Alam — also demonstrates a strong record in real estate-related work.