Davis Polk was highlighted in the American Lawyer’s March 28, 2023, “Deal Watch” column for its role “at the center of the banking crisis.” The firm is advising many financial institutions involved in the situation, including providing strategic, regulatory, corporate law, privacy and other advice solely to Silicon Valley Bridge Bank on a range of issues relating to its status as a bridge bank and ending with the acquisition of substantially all of its deposits and certain assets by First Citizens. The American Lawyer notes the firm is “leveraging its reputation and history of working with financial institutions on major matters as they look for guidance in an uncertain atmosphere.”

Davis Polk Chair and Managing Partner Neil Barr told AmLaw that it is too early to say whether the events of the last two-plus weeks will have a lasting impression on both the banking industry and the deal market moving forward. “Some of this will be discrete and time-limited, while other aspects will have meaningful tails,” Neil said. “And it’s not yet clear which is which. I certainly hope that for the sake of confidence in the financial system that this will abate quickly and that we go back to a more normal type of business environment.”

The firm’s role advising Japan Industrial Partners on its $15 billion acquisition of Toshiba, the largest deal announced last week, was also highlighted.

“Deal Watch: Deals Down, Debt Offerings Up as Banking Saga Continues,” American Lawyer (March 28, 2023) (subscription required)

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