Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 233

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 233
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 of the exchange offer in the composition of the management, administration and control bodies of Banco Sabadell by appointing a number of directors corresponding to that controlling interest (which will result in BBVA appointing more than
half of Banco Sabadell’s directors). BBVA also intends to reflect the controlling interest in the composition of the committees of the board of directors of Banco Sabadell to the extent legally possible. The Council of Ministers’
Authorization contemplates BBVA’s right to appoint directors to the board of directors of Banco Sabadell.

In this regard, BBVA does
not have any plans or intentions regarding the size of the board of directors of Banco Sabadell and in any event, BBVA will seek to ensure that the size of the board of directors of Banco Sabadell is consistent with the provisions of the Spanish
Corporation Law, as well as, to the extent applicable, the recommendations on good corporate governance of listed companies issued by the CNMV, in particular with respect to the appointment of independent directors.

In compliance with applicable law, Banco Sabadell’s directors will be subject to fiduciary duties and will have to exercise their
respective roles in the best interest of Banco Sabadell.

Additionally, BBVA will promote the execution of a parent-subsidiary protocol,
in compliance with the second recommendation of good corporate governance of listed companies issued by the CNMV.

If Banco
Sabadell’s shares are delisted from the Spanish Stock Exchanges as a result of the exercise of the squeeze-out right provided for in article 47 of the Spanish Takeover Regulation, BBVA will carry out the
changes deemed appropriate to adapt the board of directors of Banco Sabadell to that of an unlisted company, subject to compliance with the regulations to which Banco Sabadell is subject as a credit institution, including with respect to the minimum
number of independent directors required by applicable law.

Plans Regarding Amendments to Banco Sabadell’s Bylaws

BBVA does not have any plans or intentions regarding amendments to Banco Sabadell’s by-laws in the 12 months following completion of the
exchange offer.

165

Regulation

The ECB (together with the Bank of Spain through the Single Supervisory Mechanism) is BBVA’s and Banco Sabadell’s primary
prudential regulator, and it will continue to be the primary prudential regulator of each of BBVA and Banco Sabadell in Spain after completion of the exchange offer.

Relief Requested