Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 162

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 162
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 been investing for years in technology to improve the user experience and offer personalized recommendations. Additionally, following completion of the exchange offer, Banco Sabadell’s clients may have access to a more comprehensive product and services offering and to other international markets in the countries where BBVA is present, thereby expanding their opportunities for business.

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As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.

| • |     | Finally, BBVA believes that completion of the exchange offer will have a positive impact on other stakeholders: |

| • |     | Clients of both entities will have access to a value proposition characterized by the complementary nature of the 
 franchises, a broader product offering and the global reach of the consolidated group.                            |

| • |     | Employees of both entities, within the scope of group policies and respecting the autonomous management of each                                                                                   
 entity, will have access to new professional growth opportunities in a global group. The acquisition of control of Banco Sabadell seeks to preserve the best talent and culture of both entities. |

Completion of the exchange offer could also have a greater direct contribution to society through increased taxes (which contribution will vary depending on whether a merger with Banco Sabadell is consummated). Estimated S ynergies The Council of Ministers’ Authorization requires BBVA to comply with the Autonomy Condition during the No-merger Period, which, among other matters, requires that, during the No-merger Period, BBVA and Banco Sabadell maintain separate legal personality and shareholders’ equity. It is possible that the Autonomy Condition will be declared void as a result of the Administrative Appeal. The Council of Ministers’ Authorization does not prevent the acquisition of control of Banco Sabadell nor BBVA and Banco Sabadell from sharing best practices and operating efficiencies aimed at maximizing the respective value of each entity, subject to compliance with the Autonomy Condition. In this sense, BBVA has estimated (i) the synergies that it expects to realize as a result of the acquisition of control of Banco Sabadell and (ii) the synergies that it expects to realize upon consummation of a merger with Banco Sabadell following the No-merger Period. BBVA expects that compliance with the CNMC Commitments will not have a significant impact on the synergies described below. Additionally, the synergies described below have not taken into account the activity of