A Chinese bank was ordered to stop its practice of enticing new customers by offering them free Labubu dolls.

Ping An Bank offered Labubu collectibles for new depositors who could park in 50,000 yuan ($6,960) for three months.

Retail banks on the mainland struggle to attract young customers amid low deposit rates and customer declines, analysts say.

Regulator asks local banks not to give non-compliant perks amid fierce competition as interest rates fall

A Chinese bank was ordered to stop its practice of enticing new customers by offering them free Labubu dolls.