NATIONAL Australia Bank, the country's biggest by assets, expects acquisition opportunities as lenders and securities firms sell assets amid a global credit crisis.

The Melbourne-based bank is interested in "good-quality" assets in wealth management and potentially in expanding into investment banking, Chief Executive Officer John Stewart said yesterday.

In November, National Australia announced the US$798-million purchase of Omaha-based Great Western Bancorporation, its biggest acquisition in nine years. Australia financial-services firms announced or completed 65 acquisitions within the industry worth US$5.6 billion this year, according to data compiled by Bloomberg News, compared to 132 deals worth US$26.7 billion in the same period a year ago.

National Australia's smaller rival Australia & New Zealand Banking Group has failed to dampen speculation it may buy Wing Lung Bank, the Hong Kong lender.

National Australia doesn't need to make acquisitions and can deliver value for shareholders for the next three years from growth within existing business, Stewart said.