Chinese authorities have banned domestic banks from luring customers with gifts, including the hugely popular Labubu dolls.
This move was made amid fierce competition among banks, as interest rates and profit margins decline.
The Zhejiang branch of China's financial regulator, the National Financial Regulatory Administration, has asked local banks to refrain from offering non-compliant perks to attract deposits.
What prompted the decision?
The new regulations came after Pink An Bank ran a promotion, offering Pop Mart's Labubu dolls in several cities to new customers who deposit at least 50,000 yuan for three months.
About Labubu dolls
Labubu dolls, which featured a sharp-toothed grin, first debuted in market in the 2019 and became an internet sensation after BLACKPINK's Lisa was photographed with one attached to her luxury handbag last year, followed by Rihanna.
The renowned dolls are the creation of Kasing Lung, an artist who was born in Hong Kong and raised in the Netherlands.
He was inspired by Nordic mythology when he created his "monstrous" characters for a series of picture books in 2015, including Labubu.
The Chinese regulator wants to stop the practice of offering customers gifts, as it can drive up costs at banks and hurt their profit margins, which are at a record low.
Labubu dolls have sold out on Chinese e-commerce sites and Pop Mart's official online channels.
