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)