Company: BBVXF
Filing Date: 2025-09-08
Form Type: 425
Source: 0001193125-25-198316
Chunk: 14

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-08
Form: 425
Chunk 14
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 In the event of any discrepancies between this document and the corresponding Spanish version, the Spanish version shall prevail.

| 9.1 | Purpose of the acquisition |

| 9.1.1. | Purpose pursued |

The purpose of the Offer is to take control of Banco Sabadell by BBVA for the purpose of its integration into the BBVA Group. Subsequently, as soon as possible, BBVA intends to promote a merger between the two entities. The time frame in which BBVA may promote such merger has been limited by the condition imposed by the Council of Ministers in its agreement dated June 24, 2025 (which, however, does not prevent BBVA from taking control of Banco Sabadell through the Offer) (the “ Condition of the Council of Ministers”). The Condition of the Council of Ministers means that, while it is in force, BBVA and Banco Sabadell must maintain separate legal personalities and assets and each entity must preserve autonomy in the management of its activity aimed at the protection of certain criteria of general interest. The Condition of the Council of Ministers literally provides that: “ Such autonomy must be materialized, at least, in the maintenance of autonomous management and decision-making in relation to decisions that affect the policy of: (i) financing and credit, in particular to SMEs; (ii) human resources; (iii) network of branches and banking services; and (iv) social work through their respective foundations.” The initial term of the Condition of the Council of Ministers is three years from its approval, which may be extended, at most, for two additional years. For more information on the Condition of the Council of Ministers, see section IV.1.1 of the Prospectus. BBVA considers that the Condition of the Council of Ministers is not in accordance with the law and, by virtue of this, has proceeded to file the corresponding contentious-administrative appeal before the Spanish Supreme Court under the provisions of Articles 25 and 45 of Ley 29/1998, de 13 de julio, reguladora de la Jurisdicción Contencioso-administrativa. Once the Condition of the Council of Ministers ceases to be in force, which will occur three years after its approval (a period that may be extended, at most, for two additional years), or sooner, as the case may be, because it has been annulled by the Supreme Court, BBVA intends to promote the merger by absorption of Banco Sabadell. It is estimated that this merger will be completed