Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 182

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 182
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 strategic and commercial interests of
Banco Sabadell within the BBVA Group, respecting always the interests of minority shareholders of Banco Sabadell.

BBVA expects to
maintain its own dividend policy upon completion of the exchange offer, regardless of its ownership stake in Banco Sabadell and regardless of whether the intended merger is consummated. BBVA intends to review Banco Sabadell’s shareholder
remuneration policy following completion of the exchange offer. See “—Plans Regarding Dividend Policy”.

With respect to
any other matters discussed under “—Plans for Banco Sabadell after the Exchange Offer” which have not been specifically addressed herein, BBVA expects that its plans with respect to Banco Sabadell in the event of failing to consummate
the intended merger will not differ significantly from its expected plans with respect to Banco Sabadell if the merger is consummated.

The foregoing analysis is based solely on publicly-available information regarding Banco Sabadell. As a result, any hypothesis and/or
assumption included herein or used in making the statements made herein will need to be evaluated once BBVA, following completion of the exchange offer and the acquisition of control of Banco Sabadell, is able to review in detail complete
information about Banco Sabadell.

All actions and decisions with respect to the above will be taken in compliance with applicable
laws and in such a way that respects the minority shareholders of Banco Sabadell following completion of the exchange offer. See “Risk Factors—Risks Relating to the Exchange Offer—If the exchange offer is completed and the intended
merger is not consummated, BBVA will be Banco Sabadell’s majority shareholder and its interests may differ from the interests of other shareholders of Banco Sabadell”.

Plans Regarding Dividend Policy

Banco Sabadell has a dividend policy with a payout ratio of between 40% and 60% of net attributable profit. On May 6, 2024, Banco
Sabadell made public its commitment to distribute to its shareholders, on an ongoing

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basis, any excess capital above what is required to maintain a 13% CET1 ratio (pro forma Basel IV). On July 23, 2024 Banco Sabadell made public its decision to set the 2024 payout ratio at
60% of its net attributable profit.

During 2023 and 2024, remuneration for Banco Sabadell shareholders has consisted partly of cash and
partly of share repurchases.

On