October 8, 2008 / 4:49 AM / 10 years ago

CORRECTED - CORRECTED-UPDATE 1-Citi seeks potential partners for Wachovia bi

(Corrects first paragraph to show that Citigroup is bidding for Wachovia and not Wells Fargo) (Adds details)

Oct 8 (Reuters) - Citigroup Inc (C.N) is looking for potential partners in its bid for Wachovia Corp WB.N, seeking to wrest the upper hand from Wachovia’s other suitor Wells Fargo & Co (WFC.N), the Wall Street Journal said, citing people familiar with the matter.

Citigroup’s goal is to win a bigger share of Wachovia’s deposits, but not to take over the entire company, one person told the paper.

Citigroup was trying on Tuesday to line up other companies, including non-banks, to join its bid but it was not clear who the bank had approached or how such an alliance would be structured, the paper added.

A spokesman from Citigroup declined to comment.

Wells Fargo and Citigroup are locked in an intense battle for Wachovia, a bank that has been hobbled by the mortgage crisis, but has a large network of branches.

Wells Fargo was likely to get about 75 to 80 percent of Wachovia’s deposits, while Citigroup was likely to get the remainder, a person briefed on the matter had told Reuters on Tuesday. (Reporting by Savio D’Souza in Bangalore; Editing by Anshuman Daga)

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