Citigroup Inc. is demanding that its deal to acquire Wachovia’s banking business proceed, saying that the deal it reached with Wells Fargo represents a breach of the exclusivity agreement between Citi and Wachovia.

On Friday, the firm released a statement indicating that Wachovia’s agreement to a transaction with Wells Fargo “is in clear breach” of its exclusivity agreement with Wachovia. “In addition, Wells Fargo’s conduct constitutes tortious interference with the exclusivity agreement,” it says.

Citi says that agreement provides that Wachovia will not enter into any transaction with any party other than Citi, and will not participate in any discussions or negotiations with any third party.

The firm says it was negotiating in good faith and almost completed the definitive agreements required to consummate the Citi/Wachovia transaction that was announced on Monday; and, it says that it has also been providing liquidity support to Wachovia Bank since Monday’s announcement.

Citi says it has demanded that Wachovia and Wells Fargo terminate and not proceed with any proposed transaction.