Germany’s Dresdner Bank is under pressure to complete its split into a separate investment banking and private banking entity to maintain its chances of acquiring Deutsche Postbank, banking sources have told Handelsblatt, according to Thomson Financial. The split needs to be completed by 31 August to base the compilation of a balance sheet for the new Dresdner private banking entity - which could be combined with Postbank - on the group's 2007 annual report, the sources said. Dresdner is owned by Allianz, the giant German insurance and banking group. Should Dresdner's restructuring require more time it would have to be based on Allianz's 2008 annual report which is not due for publication until spring 2009. By then, Deutsche Post may have sold its majority stake in Postbank to another bidder. Deutsche Post is considering future options for its banking unit, including a sale. Allianz is expected to make a bid for the retail bank in order to boost Dresdner's private client operations.