Chinese bank banned from luring clients with Labubu

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.

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The Zhejiang branch of the National Financial Regulatory Administration has asked local banks to refrain from giving non-compliant gifts to attract deposits, according to people familiar with the matter.

The guidance came in the wake of a promotion by Ping An Bank Co, which has been offering Labubu collectibles — blind box toys endorsed by celebrities, including Lisa from the K-pop group Blackpink — in multiple cities for new customers who can deposit 50,000 yuan ($6,960) for three months.