Barclays PLC BCS, -0.64%, Citibank Inc. C, -0.22% and Deutsche Bank AG DB, +0.57% lost money in currency hedges issued to Prosus after its acquisition of India-based payments company BillDesk fell through, The Wall Street Journal reported Wednesday. Prosus bought derivatives to protect against currency swings for the roughly $4.7 billion deal, but its bid for BillDesk expired last month. Citing people familiar with the deal, The WSJ said Barclays lost about $100 million and Deutsche Bank lost $90 million, while Citigroup’s losses were not available. Each bank issued about $1 billion in currency hedges to Prosus to lock in the cost of the deal, but then the lenders lost money when the value of the Indian rupee dropped.
