ING may sell private bank units for over $1 bln -sources

SINGAPORE, July 23 (Reuters) -- Dutch bank ING Groep NV (ING.AS) has hired JPMorgan (JPM.N) to advise on the sale of ING's private banking business in Europe and Asia which could fetch over $1 billion, sources told Reuters on Thursday.

The sale of the units may may take a few months and could draw interest from global and Asian players, one source with knowledge of the deal said.

ING has been making losses since last July. It got 10 billion euros of state aid last October and is working on a program to reduce risks, raise up to 8 billion euros from asset sales and exit from 10 of 48 countries where it operates.

ING declined to comment and JPMorgan was not available to comment. (Reporting by Saeed Azhar; Editing by Kevin Lim and Muralikumar Anantharaman)