Company: BBVXF
Filing Date: 2025-06-24
Form Type: 425
Source: 0001193125-25-145564
Chunk: 1

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-06-24
Form: 425
Chunk 1
---
/25 from the Ministry of Economy, Trade and Business), with a condition based on the following criteria of general interest, other than those relating to the defense of competition: i) guarantee of 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 foundations, financial consumer protection and affordable housing and (v) promotion of research and technological development:

| - | For a period of three years from the notification of this Resolution, BBVA and Banco Sabadell shall maintain                                                                                                                                        
 separate legal personality and shareholders’ equity. Each entity must preserve autonomy in the management of its activity aimed at protecting the criteria of general interest indicated in the previous paragraph. Such autonomy must be           
 materialized, at least, in the maintenance of autonomous management and decision-making in relation to decisions affecting the policy of: i) financing and credit, in particular to SMEs, ii) human resources, iii) network of branches and banking 
 services, and iv) social work through their respective foundations.                                                                                                                                                                                 |

| - | After three years have elapsed, the effectiveness of this condition will be evaluated and the Council of 
 Ministers will determine whether to extend its duration to two more years.                               |

2.- The supervisory body shall be the Secretary of State for Economy and Business Support (hereinafter, SEEAE). The SEEAE will evaluate the effectiveness of the established condition. To assess this, it will require, between six and two months prior to the minimum end date of the period established in the condition (three years):

| - | A status Report: BBVA and Banco Sabadell must submit a status Report for each of the entities to the SEEAE.                                                                                    
 This report, in particular, will detail the autonomous management model that has been carried out and its contribution to the maintenance of the criteria of general interest mentioned above. |

| - | Long-term structural plan: each of the entities must prepare and publish on its website a long-term                                                             
 structural Plan detailing the extent to which its corporate strategy will affect, in at least the next five years, the criteria of general interest identified. |

Loose translation for information purposes

3.- Confirm the commitments established by the Competition Chamber of the National Commission on Markets
and Competition (hereinafter, CNMC) in the annex to its Resolution dated April 30, 2025, in the BBVA/Banco Sabadell file (