Italian state bank &lt;Istituto Bancario SanPaolo 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.
 Reuter
