Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 100

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 100
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 to regulation and supervision by the Federal Reserve.
The activities of BBVA’s U.S. investment adviser affiliate are regulated and supervised by the SEC.
Disclosure of Iranian Activities under Section 13(r) of the Exchange Act
The BBVA Group discloses the following information pursuant to Section 13(r) of the Exchange Act, which requires an issuer to disclose whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with natural persons or entities designated by the U.S. government under specified executive orders, including activities not prohibited by U.S. law and conducted outside the United States by non-U.S. affiliates in compliance with local law. In order to comply with this requirement, the Company has requested relevant information from its affiliates globally.
The BBVA Group has the following activities, transactions and dealings with Iran requiring disclosure: 
Iranian embassy-related activity. Banco Bilbao Vizcaya Argentaria, S.A. maintained a bank account in Spain until May 2024 for a Spanish citizen employed by the Iranian embassy in Spain. Estimated gross revenues for the year ended December 31, 2024, from this account, which include fees and/or commissions, totaled $2.71. The BBVA Group does not allocate direct costs to fees and commissions and therefore has not disclosed a separate profit measure.
C. Organizational Structure
For information on the composition of the BBVA Group as of December 31, 2024, see Note 1.1 to the Consolidated Financial Statements.
The companies comprising the BBVA Group are principally domiciled in the following countries: Argentina, Belgium, Chile, Colombia, France, Germany, Italy, Mexico, Netherlands, Peru, Portugal, Romania, Spain, Switzerland, Turkey, United Kingdom, the United States of America and Uruguay. In addition, BBVA has an active presence in Asia. 
Below is a simplified organizational chart of BBVA’s most significant subsidiaries as of December 31, 2024.

Subsidiary                                                              Country of Incorporation         Activity              BBVA Voting Power       BBVA Ownership              Total Assets (1)
                                                                                                                                                     (In Percentages)        (In Millions of Euros)
BBVA MEXICO                                                             MEXICO                           Bank                             100.00               100.00                       145,532
GARANTI BBVA                                                            TURKEY                           Bank                              85.97                85.97                        68,135
BBVA PERÚ                                                               PERU                             Bank                          94.26 (2