Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 47

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 47
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 made over the next few years in the face of changing client needs; |

| ii. | the creation of a group that reflects the financial results of both entities; |

| iii. | the consolidation of very complementary businesses, both in terms of geographical diversification and in terms 
 of positioning in different client segments in Spain; and                                                      |

| iv. | a consolidated group with a level of solvency above 12% CET1, resilience to external shocks and a lower 
 vulnerability through economic cycles due to increased diversification.                                 |

Additionally, BBVA believes that completion of the exchange offer will have a positive impact on the clients and employees of both entities and society as a whole. See “BBVA’s Reasons for the Proposed Exchange Offer” in this offer to exchange/prospectus beginning on page 115. BBVA’s Interest in Banco Sabadell (page 158) Neither BBVA, nor the directors of BBVA nor any of the companies within the BBVA Group, nor, to the best of BBVA’s knowledge and belief, any of the directors of the companies in the BBVA Group, currently holds any Banco Sabadell shares, nor any securities that may grant subscription or acquisition rights to Banco Sabadell shares, whose voting rights would be attributable to BBVA pursuant to article 5 of the Spanish Takeover Regulation.

31

Shareholding of BBVA’s Directors, Executive Officers and Their Affiliates (page 159) As of September 1, 2025, the shareholding of BBVA’s directors, executive officers and their affiliates represented approximately 0.16% of the outstanding BBVA shares. Appraisal Rights (page 153) The holders of Banco Sabadell shares are not entitled under Spanish law or otherwise to appraisal rights with respect to the exchange offer. For more information about appraisal rights of holders of Banco Sabadell shares, see “The Exchange Offer—Appraisal Rights” in this offer to exchange/prospectus beginning on page 153. Non-Oppositionof the ECB (page 125) Pursuant to the provisions of the Regulation, Supervision and Solvency of Credit Institutions Law and Royal Decree 84/2015, of February 13, 2015 implementing the Regulation, Supervision and Solvency of Credit Institutions Law, the acquisition by BBVA of control of Banco Sabadell resulting from the exchange offer was subject to the duty of prior notification to the Bank of Spain and to the obtainment of the non-oppositionby the