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Dresdner Bank 'to split' in order to aid takeover

Dresdner Bank must complete its split into separate investment banking and private banking firms in order to have a chance of acquiring rivals Deutsche Postbank, Thomson Merger News reports.

The restructuring is hoped by Dresdner to be completed by August 31st in order to make the merger of Postbank with the new private banking entity easier.

Unnamed "banking sources" made the comments to the Handelsblatt newspaper.

Currently, Postbank is owned by Deutsche Post World Net through a majority stake - and the firm is currently willing to sell and looking for bids.

Competition for Dresdner, owned by Allianz SE, for the buyout includes banking giants Commerzbank and Deutsche Bank.

The sources added that, should restructuring take longer than the August deadline, details of the new private banking entity would be submitted in Allianz's 2008 annual report.

This report comes out in spring 2009.