SAN PAOLO DI TORINO TO ACQUIRE CALIFORNIAN BANK
Italian state bank <Istituto Bancario San
Paolo di Torino> said its fully-owned <San Paolo U.S. Holding
Co> of Wilmington in the U.S. had signed a letter of intent to
acquire <Valley National Bank> of California.
    San Paolo said in a statement that, subject to obtaining
official authorization from the relevant bodies, it would merge
Valley National Bank with its subsidiary <First Los Angeles
Bank>.
    Value of the planned acquisition was not disclosed.
 Reuter
