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UPDATE 1-SNS Reaal retail bank may cut hundreds of jobs - Dutch media

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AMSTERDAM, Oct 11 (Reuters) - Dutch bank and insurer SNS Reaal , which is struggling with a loss-making property arm and must repay state aid by the end of next year, may cut hundreds of jobs at its retail banking operations, Dutch broadcaster NOS said on Thursday.

A spokesman for SNS Reaal told Reuters a reorganisation of various departments at the retail bank, which has about 2,400 employees, will entail job losses but declined to give any numbers. NOS did not cite a source for the job losses.

The country's fourth-largest bank needed 750 million euros ($967.62 million) of Dutch state aid in 2008 and has struggled to revive its loss-making property division, which has recorded more than 1 billion euros in net losses since 2009 largely because of the weak state of the real estate market.

In July, the group said it was considering the sale of its insurance business, which is one of its main cash generators.

The spokesman said the reorganisation of the retail bank business was not part of that transaction.

SNS Reaal shares were down 0.1 percent by 1149 GMT. The stock has lost about a third since the start of the year, while the Amsterdam blue chip index has risen about 5 percent.

($1 = 0.7751 euros) (Reporting by Sara Webb)

((sara.webb@thomsonreuters.com)(+31 20 504 5000)(Reuters Messaging: sara.webb.thomsonreuters.com@reuters.net))

Keywords: SNSREAAL JOBS/