Wells Fargo & Co. sees opportunities in the midst of a credit crunch that has caused some competitors to fold and the price of prospective acquisitions to decline, reported the San Francisco Business Times.

Chairman Dick Kovacevich told the audience at Bank of America’s 37th annual investment conference that the company will be more likely to look at acquisitions over the next couple of years and could win business that didn’t make economic sense during the recent “credit bubble.”

“We believe all products in the debt markets were overvalued,” Kovacevich said. “The only one that may not be overvalued is the equity market.”

He also believes that though Countrywide Financial Corp., the nation’s largest mortgage originator, is struggling as investors back away from residential mortgages, it will continue to be a major competitor. Speculation has grown in recent weeks that Bank of America Corp., which invested $2 billion in Countrywide on Aug. 22, will eventually acquire the company.