Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 73

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 73
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 as a result of the TSB Sale, even though if the TSB Sale is consummated, TSB
will, following completion of the exchange offer, no longer be part of the BBVA Group nor contribute to the BBVA Group’s consolidated financial position and results of operations.

47

As a result of the foregoing, the accompanying pro forma financial information may not
represent the historical financial information of the group as if the business combination had taken place.

BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer.

BBVA may fail to fully realize the expected benefits and
synergies of completing the exchange offer, including the substantial cost synergies described below, in the time, manner or amounts currently expected as a result of, among others, the following risks.

Risks associated with compliance with the Council of Ministers’ Authorization

On April 30, 2025, the CNMC issued a resolution authorizing the economic concentration resulting from completion of the exchange offer subject
to the CNMC Commitments. In accordance with the Spanish Competition Law, the CNMC’s resolution was communicated to the Spanish Minister of Economy, Trade and Business, who decided on May 27, 2025 to refer the CNMC’s resolution to the
Spanish Council of Ministers for review on the basis of general public interest. On June 24, 2025, the Spanish Council of Ministers authorized the economic concentration resulting from completion of the exchange offer pursuant to the Council of
Ministers’ Authorization. On June 30, 2025, BBVA publicly announced its decision not to withdraw the exchange offer as a result of the Council of Ministers’ Authorization.

The Council of Ministers’ Authorization authorized the economic concentration resulting from completion of the exchange offer subject to
the Autonomy Condition during the No-merger Period, which, among other matters, requires that, during the No-merger Period, BBVA and Banco Sabadell maintain separate legal personality and shareholders’ equity and that BBVA and Banco Sabadell
preserve their respective autonomy in the management of their operations. The Council of Ministers’ Authorization also requires compliance with the CNMC Commitments and establishes certain reporting obligations to the Autonomy
Condition’s supervisory body, the SEEAE.

In compliance with the Autonomy Condition, during the No-merger Period, BBVA and Banco
Sabadell will need to adopt their respective management decisions considering the maximization of their respective values as independent entities.

As a result of the Autonomy Condition