Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 77

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 77
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 realized.

During the No-merger Period, BBVA and Banco Sabadell will each be required to preserve their respective autonomy in the management of their respective operations.

Pursuant to the Council of Ministers’ Authorization, during the No-merger Period, BBVA and Banco Sabadell shall
maintain separate legal personality and shareholders’ equity. As a result, there will not be a merger between BBVA and Banco Sabadell until, at least, following the No-merger Period. During the No-merger Period, each entity must preserve its
respective autonomy in the management of its operations aimed at protecting the following general interest concerns: (i) ensuring an adequate maintenance of the objectives of the sectoral regulation linked to support for growth and business
activity, (ii) protection of workers, (iii) territorial cohesion, (iv) social policy objectives related to the social work of their respective foundations, financial consumer protection and affordable housing and (v) promotion of
research and technological development. According to the Council of Ministers’ Authorization, such autonomy requires that both BBVA and Banco Sabadell adopt their respective management decisions considering the maximization of their respective
values as independent entities. For additional information on the Council of Ministers’ Authorization, see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”.

The Autonomy Condition will be in effect at least for a period of three years, beginning on June 24, 2025, extendable for an additional two
years.

On July 15, 2025, BBVA filed the Administrative Appeal. As of the date of this offer to exchange/prospectus, the Administrative
Appeal is pending. If the Autonomy Condition is declared void as a result of the Administrative Appeal, BBVA may be able to consummate a merger with Banco Sabadell sooner than would otherwise be permitted pursuant to the Council of Ministers’
Authorization. There is no guarantee that BBVA will prevail in the Administrative Appeal. BBVA expects the Administrative Appeal to be resolved in a period of between 18 months and two years.

Compliance with the Autonomy Condition will be supervised by a single administrative body, the Spanish Secretary of State for Economy and
Business Support (Secretaria de Estado de Economía y Apoyo a la Empresa, “SEEAE”). To allow the SEEAE to evaluate the efficacy of the Autonomy Condition with respect to the general interest concerns identified above, no
earlier than six months nor later than two months prior to