Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 26

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 26
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 distribution or repatriation of dividends, international ownership legislation, tax policies, interest rate 
 caps, fee caps and other policies affecting the banking sector, including the “liraization” strategy in Turkey (which seeks to increase the weight of Turkish lira-denominated assets and liabilities of the banking system). Further, emerging       
 economies generally face higher anti-money laundering and environmental, social and governance (“ESG”) risk levels;                                                                                                                                   |

| · |     | in Spain, political, regulatory and economic uncertainties have increased since the July 2023 general elections and the elections in Catalonia in May 2024 and 
 there is a risk that policies could be adopted that have an adverse impact on the economy or our business;                                                     |

| · |     | downgrades in our credit ratings or in sovereign credit ratings, particularly Spain’s credit ratings; |

| · |     | the monetary, interest rate and other policies of central banks, and the trade, economic and other policies of governments, in the EU, Spain, Mexico, Turkey,                     
 the United States and elsewhere, including the impact of the still-prevailing high interest rates on the Group’s results of operations (including mark-to-market                  
 losses on securities portfolios, reduced demand for credit, increased funding costs and higher default rates) and the impact of any future interest rate reductions on inflation; |

| · |     | adjustments in the real estate markets in the geographical areas in which we operate, in particular in Spain, Mexico and Turkey; |

| · |     | the success of our acquisitions and investments, divestitures, mergers, joint ventures and strategic alliances; |

| · |     | BBVA’s ability to complete the Exchange Offer and, if applicable, integrate the Target Company (as defined herein) successfully, and any unanticipated 
 costs, losses or other impacts in connection therewith;                                                                                                |

| · |     | the effects of competition in the markets in which we operate and the rise of neobanks (a new generation of financial institutions that operate exclusively                                                                                             
 online), which may be influenced by regulation or deregulation affecting us or our competitors, and our ability to manage information technology obsolescence, implement technological advances on a timely basis or at all and effectively capture the 
 benefits of emerging technologies, including cloud computing and artificial intelligence;                                                                                                                                                               |

| · |     | our ability to comply with various legal and regulatory regimes and the impact of applicable laws and regulations on our operations, including capital, 
 resolution, liquidity, provision and consumer protection requirements, and the