The motion of a single hole doped to a CuO2 plane of a high temperature superconductor is described by a spin-fermion model which treats explicitly the hybridization with the upper Hubbard band. One finds that sectors of Zhang-Rice bound states coexist with reasonably damped oxygen and copper-like quasiparticles, with a considerable transfer of the spectral weight to the upper Hubbard band. The oxygen states have small dispersions and can be identified in the angle-resolved photoemission experiments for Bi2Sr2CaCu2O8. PACS numbers: 74.25.Jb, 75.10.Lp, 75.30.DsIt is well known that large gaps observed in the angle-resolved inverse photoemission (ARPES) experiments in transition metal oxides cannot be explained using band structure calculations based on the local spin density approximation (LSDA) which also fail to reproduce the antiferromagnetic (AF) long-range order observed in the parent compounds of high temperature superconductors (HTS), like La2CuO4 and YBa2Cu3O6 [1]. In such systems strong electron correlations are of crucial importance and have to be treated explicitly. One way is to construct a spin-fermion model (SFM), where the doped oxygen holes interact with the localized Cu spins by Kondo-like AF interactions [2]. This approach has been successful in repro acing the quasiparticle (QP) bands in NiO [3] and the weakly dispersive states near the Fermi level (FL) in HTS [4]. The covalent character of the localized 3d9 states [5,6] motivated us to consider an extension of a strongly correlated SFM to a CuO2 plane which implements explicitly the mixed valence (MV) behaviour of the p and d-holes.We consider the four-band model for a CuO2 plane including Cu(3dx2_y2) (x), Cu(3d3z 2_ 1 ) (z), and O(2pσ) orbitals, and assume the weak Cu-O hybridization as compared with the Coulomb repulsion at Cu sites (It,, I