SAN PAOLO DI TORINO TO ACQUIRE CALIFORNIAN BANK

  Italian state bank &lt;Istituto Bancario San
  Paolo di Torino> said its fully-owned &lt;San Paolo U.S. Holding
  Co> of Wilmington in the U.S. had signed a letter of intent to
  acquire &lt;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 &lt;First Los Angeles
  Bank>.
      Value of the planned acquisition was not disclosed.
  

