The guidance came in the wake of a promotion by Ping An Bank, which has been offering Labubu collectibles in multiple cities for new depositors. - Photo: EPA-EFE
BEIJING: A Chinese lender’s stunt to woo depositors with gifts including the wildly popular Labubu dolls has been barred by financial regulators, underscoring the increasingly fraught battle among banks for customers as interest rates and profit margins fall.
The Zhejiang branch of the National Financial Regulatory Administration has asked local banks to refrain from giving non-compliant perks to attract deposits, according to people familiar with the matter.
