Chinese authorities have imposed a ban on domestic banks offering gifts, such as popular Labubu dolls, to draw in customers. This decision stems from concerns that the practice could exacerbate declining profit margins as interest rates fall. The ban follows noted promotions like Ping An Bank's, which rewarded depositors with Labubu dolls, a viral sensation after being associated with celebrities like Lisa from BlackPink. Regulatory bodies fear such marketing strategies may lead to increased operational costs and are not sustainable, prompting a crackdown to ensure financial stability among banks.
Chinese authorities have banned the use of gifts, like Labubu dolls, by banks to attract deposits, aiming to protect profit margins amid fierce competition.
The National Financial Regulatory Administration intervened after Ping An Bank's promotion with Labubu dolls, concerned about rising costs for banks and record low margins.
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