Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 37

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 37
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 the expiration time, see “The Exchange Offer” in this offer to exchange/prospectus beginning on page 97. BBVA’s Reasons for the Proposed Exchange Offer (page 93) In unanimously approving the exchange offer, BBVA’s board of directors considered a variety of factors in favor of the proposed exchange offer. BBVA is undertaking the exchange offer to acquire control of Banco Sabadell in order to be in a position to, subject to relevant approvals, integrate both businesses and create a stronger combined group, which is expected to result in:

| • |     | the achievement of a larger scale in a highly competitive sector, resulting in higher efficiency. Scale is                                                                                                                 
 essential in the financial sector in order to be able to meet increasing fixed costs associated with the investments in technology that will need to be made over the next few years in the face of changing client needs; |

| • |     | the creation of a franchise that combines the financial results of both entities, capturing substantial cost                                
 synergies, which BBVA has projected at approximately €850 million per year before taxes for Spain and Mexico, once they are fully realized; |

| • |     | the combination of very complementary businesses, both in terms of geographical diversification and in terms of 
 the positioning in different client segments in Spain; and                                                      |

| • |     | a combined group with a level of solvency above 12% (CET1), resilience to external shocks and a lower 
 vulnerability through economic cycles due to increased diversification.                               |

Additionally, BBVA believes that completion of the exchange offer will have a positive impact on the clients and employees of both entities and society as a whole. While it is BBVA’s intention to effect a merger by absorption, BBVA is not obligated or may be unable to consummate such a merger following completion of the exchange offer or may decide not to consummate it on the same terms as the exchange offer. See “The Exchange Offer—Certain Consequences of the Exchange Offer—Squeeze-out and Merger”. For further information regarding BBVA’s plans with respect to Banco Sabadell if the intended merger is not consummated for any reason, please see “The Exchange Offer—Plans for Banco Sabadell after the Exchange Offer—Planned Corporate Restructuring Transactions of Any Kind”. See “BBVA’s Reasons for the Proposed Exchange Offer” in this offer to exchange/prospectus beginning on page 93. BBVA’s Interest in Banco Sabadell (page 126) Neither BB