Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 78

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 78
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 June 24, 2028, each of BBVA and Banco Sabadell will be required to submit to the SEEAE a status report describing, in particular, the autonomous management model that each of them has
implemented and its contribution to the protection of the general interest concerns identified in the Council of Ministers’ Authorization and a long-term structural plan describing the extent to which their respective corporate strategy will
affect, in no less than the following five years, the general interest concerns identified in the Council of Ministers’ Authorization. However, the criteria that the SEEAE will use to evaluate the efficacy of the Autonomy Condition are
uncertain.

50

Any of the foregoing could materially adversely affect BBVA’s and Banco
Sabadell’s business, results of operations, financial condition or prospects after completion of the exchange offer.

If the exchange offer is completed and the TSB Sale is consummated, TSB will, following consummation of the TSB Sale, no longer be part of the BBVA Group. Additionally, the exchange ratio for the exchange offer would be adjusted as a result of the payment of the TSB Sale Dividend only if the ex-dividend date occurs prior to the date of publication of the results of the exchange offer in the Official Quotation Bulletins. Given that, according to the TSB Sale Inside Information Notice, the closing of the TSB Sale is expected to occur in the first quarter of 2026, the exchange ratio is not expected to be adjusted as a result of the payment of the TSB Sale Dividend.

On July 1, 2025, Banco Sabadell published the TSB Sale Inside Information Notice (as defined herein), informing that it had received a binding
offer for the consummation of the TSB Sale (as defined herein), and announcing its decision to call an extraordinary general shareholders’ meeting to approve the TSB Sale and the payment of the TSB Sale Dividend. According to the TSB Sale
Inside Information Notice, the TSB Sale is subject to the satisfaction of certain conditions precedent, including the authorization of the TSB Sale by Banco Sabadell’s extraordinary general shareholders’ meeting. On August 6, 2025,
extraordinary general shareholders’ meetings of Banco Sabadell (i) authorized the TSB Sale and (ii) approved the payment of the TSB Sale Dividend, respectively. Closing of the TSB Sale is expected to occur in the first quarter of 2026. For
additional information on the T