  The bandstructure of the prototypical charge-transfer insulator NiO is
computed by using a combination of an {\it ab initio} bandstructure method and
the dynamical mean-field theory with a quantum Monte-Carlo impurity solver.
Employing a Hamiltonian which includes both Ni-d and O-p orbitals we find
excellent agreement with the energy bands determined from angle-resolved
photoemission spectroscopy. This solves a long-standing problem in solid state
theory. Most notably we obtain the low-energy Zhang-Rice bands with strongly
k-dependent orbital character discussed previously in the context of low-energy
model theories.
