Regulator asks local banks not to give non-compliant perks amid fierce competition as interest rates fall
Business live – latest updates
Chinese authorities have banned domestic banks from luring customers with gifts including the hugely popular Labubu dolls, amid fierce competition among lenders 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, Bloomberg News reported.
The new guidance came after Ping An Bank ran a promotion, offering Pop Mart’s Labubu dolls in several cities to new customers who deposit at least 50,000 yuan (£5,162) for three months.
