Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 65

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 65
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 to operate both banks from a joint IT platform with multi-bank functionality
for all products, services and systems. Further, any savings or growth may occur more slowly than if the squeeze-out right were exercisable or the merger were completed.

Risks associated with any conditions, including anyremedies or commitments proposed by BBVA to address any competition concerns identified by the CNMCor different conditions imposed by theCNMCand/or the Council of Ministers, as applicable

BBVA’s ability to fully realize the expected benefits and synergies of completing the exchange offer may be limited if the economic
concentration resulting from completion of the exchange offer is approved by the CNMC and/or the Council of Ministers, as applicable, subject to conditions, including any remedies or commitments proposed by BBVA to address any competition concerns
identified by the CNMC or different conditions imposed by the CNMC itself. See “—Completion of the exchange offer is subject to certain conditions precedent, which may not be satisfied or may only be satisfied subject to conditions”.

The capital, leverage, liquidity, MREL and resolution profile of the combined group if the exchange offer is completed may be adversely affected.

Completion of the exchange offer may adversely affect the CET1 capital ratio, leverage, liquidity, MREL (as defined
herein) or resolution profile of the BBVA Group. The estimated impact of the exchange offer on BBVA’s CET1 capital ratio, leverage, liquidity, MREL or resolution profile has been prepared by BBVA based on a number of assumptions and on
publicly-available information relating to Banco Sabadell. See “—Since BBVA did not have access to non-public information regarding Banco Sabadell, BBVA’s ability to accurately anticipate all losses, costs and other liabilities that
may be incurred in connection with the exchange offer is necessarily limited. Additionally, any errors or omissions in the information publicly available to BBVA relating

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to Banco Sabadell may have affected BBVA’s analysis, estimations and determinations with respect to the exchange offer”. As a result, the actual CET1 capital ratio, leverage, liquidity,
MREL or resolution profile of the BBVA Group following completion of the exchange offer may be different from BBVA’s estimates.

Completion of the exchange offer may also increase the actual or perceived systemic importance of BBVA within the Spanish financial system. If
the relevant regulators were to impose additional capital, leverage, liquidity, MREL or resolution requirements on the BBVA Group following completion of the exchange offer or any other requirements