Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 152

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 152
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23% and 33% for BBVA and Banco Sabadell, respectively) and 13% of the portfolio in loans to corporate and investment banking customers in Spain (compared to 15% and 10% for BBVA and Banco Sabadell, respectively), based on publicly-available financial disclosures of each of BBVA and Banco Sabadell as of December 31, 2024. Additionally, both entities have a clear strategic focus on digitization (66% of BBVA’s new clients in 2024 registered through digital channels, while 54% of Banco Sabadell’s clients registered through digital channels in 2024) and sustainability (BBVA channeled approximately €99 billion into sustainable businesses in 2024 and Banco Sabadell mobilized more than €19 billion in sustainable finance in 2024, in each case, according to their respective annual results presentation). The clients of Banco Sabadell may receive the services derived from the technological and digital capabilities of BBVA, which has 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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| • |     | 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