By James Langton

(November 29 – 17:00 ET) – Royal Bank of Canada’s acquisition of Dain Rauscher will not close by year end as expected. It is now expected to close by mid-January 2001.

David Parrin, Dain Rauscher’s chief financial officer, presented the new timing for the deal that was unveiled back on Sept. 28. “There are no regulatory issues that are preventing the close either in the United States or Canada,” Parrin said.

He attributed the delay to the holiday season. “It has become increasingly difficult to meet a year-end close given the logistics of printing and mailing a proxy during the holiday season.”

When the deal closes, it will double RBC’s retail brokerage force, adding 1,200 new brokers. On the institutional side it will also give RBC an equities platform into the U.S., and a base for possible European expansion.