New Delhi: Public sector lender Oriental Bank of Commerce today said it planned to open about 90 branches in the next seven months.

"Currently we have 1305 branches, which would cross 1,400 by the end of September this year," OBC CMD Alok K Misra told reporters after signing distribution agreement with the DSP Merrill Lynch Mutual Fund for product distribution.

The tie-up is beneficial not only to the customers in terms of investment opportunity but also to the bank in terms of the fee-based income and the mutual fund in terms of access to a huge customer base, he said.

It is one of the many initiatives taken by the bank to provide its customers a combination of financial services and investment options under one roof, he added.

Commenting on the tie-up, DSP Merrill Lynch Mutual Fund Chief Investment Officer S Naganath said, "we see this (OBC) as an important partner for providing asset management products to investors."

The fund house currently has assets under management, including advisory and offshore funds, of Rs 34,083.7 crore as on December 31, 2007.

Source : PTI