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Wells likely to win 75-80 percent Wachovia deposits: source


    NEW YORK (Reuters) - Wells Fargo & Co is likely to get about 75 percent to 80 percent of Wachovia Corp's deposits, while Citigroup is likely to get closer to 20 percent to 25 percent of the deposits, a person briefed on the matter said on Tuesday.

    The situation is in flux, and the outcome is still unclear, the person cautioned. But at this point, it appears Wells Fargo would take Wachovia's branches and deposits in the U.S. Southeast and on the West Coast, while Citigroup would take branches and deposits in the Northeast.

    Wells Fargo would likely take most of Wachovia's assets, including problem assets such as option-pay mortgages, the person said.

    Wachovia and Citigroup declined to comment, while Wells Fargo was not immediately available for comment.

    (Reporting by Dan Wilchins)