Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 151

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 151
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 year following the acquisition of control of Banco Sabadell. These financing cost savings have been estimated by BBVA on the basis of the differences in the spreads
for new issuances and maturities of various wholesale debt instruments of BBVA and the financing conditions of Banco Sabadell’s issuances as of December 31, 2024 (based on publicly-available information), and estimates prepared by BBVA’s
financial advisors, which synergies are expected to be realized in accordance with the expected maturities of existing issuances of Banco Sabadell and their renewal under BBVA’s financing conditions.

If the TSB Sale is consummated, BBVA estimates that the financing cost savings of approximately €75 million annually before taxes will
instead amount to approximately €60 million annually before taxes in the third year following the acquisition of control of Banco Sabadell while operating cost savings would remain unchanged.

As a result of the foregoing, BBVA estimates that by the third year following acquisition of control of Banco Sabadell the aggregate amount of
savings (including operational cost savings and financing cost savings) will reach approximately €250 million annually before taxes (€235 million annually before taxes if the TSB Sale is consummated).

The synergies described above do not reflect any positive revenue synergies (including, among others, cross-selling opportunities, or higher
productivity resulting from the sharing of best practices) or negative revenue synergies (including, among others, loss of business due to client overlap), as these have not been quantified by BBVA. Notwithstanding the foregoing, BBVA’s
experience in previous transactions suggests that positive revenue synergies would outweigh negative revenue synergies, especially considering that both entities would have to operate in an autonomous manner during the No-merger Period, which would
potentially mitigate significantly the risks associated with negative revenue synergies.

BBVA estimates that net positive revenue
synergies could start to be realized as soon as in the first year following completion of the exchange offer as a result of the progressive implementation of best practices between the two entities, subject to the operational decisions taken by each
entity as part of their autonomous management. These synergies would be associated mainly with the business opportunities resulting from the combination of complementary businesses and the international footprint of the BBVA Group.

Finally, with the information available to BBVA as of the date of this offer to exchange/prospectus, BBVA estimates that the acquisition of
control of Banco Sabadell would result in additional lending capacity for society as