Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 216

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 216
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 BBVA’s request for authorization to continue to undertake certain transactions with clients in the ordinary course of business until completion of the exchange offer, has given it
guidelines that generally prohibit the acquisition and transfer of Banco Sabadell shares by the BBVA Group for its own account, except for certain transactions of BBVA with respect to Banco Sabadell shares in relation to the execution, settlement or
hedging of transactions with clients in the ordinary course of business, which would not trigger the consequences of article 32 of the Spanish Takeover Regulation. With respect to the exchange offer, BBVA understands that any such transaction in
Banco Sabadell shares will not trigger the consequences provided for in articles 32.3, 32.4 and 32.7 of the Spanish Takeover Regulation, as such acquisitions are made in connection with the execution, settlement or hedging of transactions with
clients in the ordinary course of business. The treatment granted by the CNMV to such transactions by BBVA over Banco Sabadell shares pursuant to BBVA’s request is based on the fact that they are made in the ordinary course of business, in
accordance with past practice, and not for the purpose of acquiring Banco Sabadell shares or facilitating or influencing the exchange offer. These exemptions are generally in line with certain exemptive relief granted to BBVA by the SEC on
May 29, 2024. See “The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action Relief”.

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As of the date of this offer to exchange/prospectus, BBVA has not appointed any member of
the board of directors or of the management of Banco Sabadell.

Shareholding of BBVA’s Directors, Executive Officers and Their Affiliates

As of September 1, 2025, the shareholding of BBVA’s directors, executive officers and their affiliates
represented approximately 0.16% of the outstanding BBVA shares.

Purpose of the Exchange Offer

BBVA is undertaking the exchange offer in order to acquire control of Banco Sabadell, which would result in Banco Sabadell becoming part of the
BBVA Group. As soon as possible thereafter, and subject to compliance with the Council of Ministers’ Authorization, BBVA intends to promote a merger of the two entities. Pursuant to the Council of Ministers’ Authorization, BBVA will be
able to undertake a merger with Banco Sabadell only following the No-merger Period,