Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 72

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 72
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 in the time, manner or amounts currently expected as a result of, among others, the following risks.

Risks associated with compliance with the Council of Ministers’ Authorization

On April 30, 2025, the CNMC issued a resolution authorizing the economic concentration resulting from completion of the exchange offer subject
to the CNMC Commitments. In accordance with the Spanish Competition Law, the CNMC’s resolution was communicated to the Spanish Minister of Economy, Trade and Business, who decided on May 27, 2025 to refer the CNMC’s resolution to the
Spanish Council of Ministers for review on the basis of general public interest. On June 24, 2025, the Spanish Council of Ministers authorized the economic concentration resulting from completion of the exchange offer pursuant to the Council of
Ministers’ Authorization. On June 30, 2025, BBVA publicly announced its decision not to withdraw the exchange offer as a result of the Council of Ministers’ Authorization.

The Council of Ministers’ Authorization authorized the economic concentration resulting from completion of the exchange offer subject to
the Autonomy Condition during the No-merger Period, which, among other matters, requires that, during the No-merger Period, BBVA and Banco Sabadell maintain separate legal personality and shareholders’ equity and that BBVA and Banco Sabadell
preserve their respective autonomy in the management of their operations. The Council of Ministers’ Authorization also requires compliance with the CNMC Commitments and establishes certain reporting obligations to the Autonomy
Condition’s supervisory body, the SEEAE.

In compliance with the Autonomy Condition, during the No-merger Period, BBVA and Banco
Sabadell will need to adopt their respective management decisions considering the maximization of their respective values as independent entities.

As a result of the Autonomy Condition in the Council of Ministers’ Authorization, during the No-merger Period, BBVA will not achieve the
full cost savings and operating efficiencies that it would have been able to achieve if it were not subject to the Autonomy Condition, and in particular, if a merger with Banco Sabadell were consummated following completion of the exchange offer.

In particular, BBVA’s ability to realize synergies as a result of completing the exchange offer will be limited during the
No-merger Period.

On July 15, 2025, BBVA filed an administrative appeal before Spain’s Supreme Court, challenging the legality of
the Autonomy Condition in the Council of Ministers’ Authorization (the Administrative