EN
The motion of a single hole doped to a CuO_{2} 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 Bi_{2}Sr_{2}CaCu_{2}O_{8}.