Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 152

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 152
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 a whole. BBVA estimates that the entities would together have an additional capacity for lending to households and businesses in Spain during the No-merger Period
of approximately €1,000 million in the second year following the acquisition of control of Banco Sabadell and approximately €1,500 million per year beginning the third year followingthe acquisition of control of Banco
Sabadell and continuing through the time of a subsequent merger. Such additional lending capacity has been estimated by BBVA using the methodology described below under “—Estimated Synergies Following Consummation of a Merger with Banco
Sabadell”.

Estimated Synergies Following Consummation of a Merger with Banco Sabadell

Following the No-merger Period (the length of which could be shortened if the Autonomy Condition is declared void as a result of the
Administrative Appeal, see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”) and the consummation of a merger with Banco Sabadell, on

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the basis of information publicly available to BBVA as of the date of this offer to exchange/prospectus, BBVA estimates that it would be able to realize operating cost savings of approximately
€835 million annually before taxes in Spain and Mexico. These operating cost savings would include approximately €510 million of annual operational cost savings before taxes (mainly administration and technology) and approximately
€325 million of annual personnel cost synergies before taxes.

With respect to operational cost savings, BBVA estimates that the
consummation of a merger following the No-merger Period would result in the integration of Banco Sabadell’s customers, operations and incremental activity under BBVA’s technological network, systems and infrastructure, which is expected
to allow the group to have a unique technological platform (core banking), generating savings from avoiding redundancies in investments and expenses in transformation, regulatory and legal compliance, cybersecurity, fraud protection and
development of platforms for new businesses, as well as avoiding redundancies in data center operations. Additionally, BBVA expects that it would achieve increased efficiency in central services in Spain and Mexico. In the United Kingdom, BBVA has
not estimated any cost savings.

BBVA estimates that, following consummation of a merger with Banco Sabadell, it would also be possible to
rationalize the group’s branch network in Spain, with such rationalization being limited to less than 10% of the combined network. Such rationalization would result in the closure of approximately 300 of the