June 12 (UPI) -- A Chinese bank was ordered to stop its practice of enticing new customers by offering them free Labubu dolls.
Ping An Bank, based in Shenzhen, recently announced a promotion that would award new customers who deposit at least $7,000 and keep it in their account for at least three months with a Labubu, a popular stuffed toy sold by Pop Mart.
The National Financial Regulatory Administration's Zhejiang branch is now barring the bank from offering the free toys and other non-banking-related perks.
Regulators said they are concerned that the promotion, and other similar promotions at other banks, could drive up banking costs.
Labubu dolls were created by artist Kasing Lung and are sold in blind boxes at Pop Mart locations. The dolls, cute monsters with sharp-toothed smiles, became valuable collector's items after being sported by celebrities including Blackpink singer Lisa and Rihanna.
