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Tencent, Alibaba demand bankers not to work with both firms – report

alibaba tencent business banks

Tencent Holdings Limited and Alibaba Group requested that investment banks have to work for one company or the other, according to a Financial Times report. The demand has effectively split banks into two camps, several sources familiar with the matter stated.

Financial services company Ant Financial, which works with Alibaba, reportedly made several banks sign “very restrictive non-compete” agreements stopping them from cooperating with Tencent entities, according to an unnamed banker.

According to the report, another person with knowledge of the situation stated that the tech giants “value loyalty,” adding that there are also issues of confidentiality, as companies are competitors in fields of payments, e-commerce and cloud services.

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