Who’s going to buy Wachovia?

Until Friday, the answer seemed clear: Citigroup. But that was before Wells Fargo’s unexpected —-and far more lucrative —- bid for the Charlotte-based bank. The outcome is sure to have a big impact locally. Wachovia, the second-biggest bank in the metro Atlanta market by deposits, has about 5,100 employees and 201 branches here.

IMPACT ON LOCAL CUSTOMERS

> Citigroup: Would introduce one of the world’s biggest banks to the Atlanta market. The company offers a wide range of financial services, including Citibank retail banking, Smith Barney securities brokerage, and Primerica life insurance and other services. For Wachovia customers, there would be no immediate changes to consumer banking operations, from checking accounts to CDs.

> Wells Fargo: Would help a bank with a strong presence on the West Coast and Midwest become a coast-to-coast player rivaling Bank of America and JP Morgan Chase. The company offers a broad array of financial services, such as home mortgages, wealth management and insurance. No immediate changes to any accounts. Customers will continue banking as usual.

THE SHAREHOLDERS

> Citigroup: Offered to buy Wachovia for $2.1 billion, or the equivalent of $1 per share.

> Wells Fargo: Offered to buy Wachovia for $15 billion, or about $7 per share.

IMPACT ON COMPETITORS

> If Citigroup wins: The takeover of Wachovia could create an opening for other banks in Atlanta to woo customers away, some banking experts say. Ken Bernhardt, a professor at Georgia State, said that a Citigroup takeover could entice Wells Fargo to pursue SunTrust Banks in an effort to become a national bank.

> If Wells Fargo wins: Likewise, customers may bolt. But experts including Walt Moeling, a banking lawyer with Powell Goldstein, said Wells Fargo has a reputation for being a strong local competitor and could do a better job than Citigroup of retaining customers. Some predicted it would be better at stealing market share, too.