NatWest, JB Drax in group that helped sell Cimolai derivatives

LONDON: NatWest Group Plc, Deutsche Bank AG, Morgan Stanley and JB Drax Honore are among the financial institutions that helped sell currency derivatives to Cimolai SpA, the Italian building firm now struggling with losses on some of the products, according to people familiar with the matter.

The quartet are part of the group of more than a dozen firms that arranged the sale of about US$400mil (RM1.8bil) of derivatives to Cimolai, some of which have soured as a result of the euro’s plunge against the dollar, the people said, asking not to be identified discussing a private matter.