March 24, 2017 / 4:15 AM / 8 months ago

China's CITIC Securities plans to boost overseas revenue to 30 pct

HONG KONG, March 24 (Reuters) - CITIC Securities Co Ltd , China’s biggest brokerage, plans to boost its revenue from overseas operations to 30 percent of total in the next five years, from 10 percent now, the head of its overseas business said on Friday.

The Chinese brokerage also plans to cut operating costs of its overseas business by 25-30 percent, Tang Zhenyi, the chairman of CITIC Securities’ unit CLSA, told reporters.

CITIC Securities is also looking to acquire advisory assets in the United States and a deal could be announced by the end of this year, CLSA Chief Executive Jonathan Slone said. (Reporting by Julie Zhu; Editing by Himani Sarkar)

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