Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 166

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 166
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 the first year following completion of the exchange offer as a result of the progressive implementation of best practices between the two entities, subject to the operational decisions taken by each
entity as part of their autonomous management. These synergies would be associated mainly with the business opportunities resulting from the combination of complementary businesses and the international footprint of the BBVA Group.

Finally, with the information available to BBVA as of the date of this offer to exchange/prospectus, BBVA estimates that the acquisition of
control of Banco Sabadell would result in additional lending capacity for society as a whole. BBVA estimates that the entities would together have an additional lending capacity of more than €1,500 million per year in the aggregate to
households and businesses in Spain during the No-merger Period from the second year of the acquisition of control of Banco Sabadell. Such additional lending capacity has been estimated by BBVA using the methodology described below under
“—Estimated Synergies Following Consummation of a Merger with Banco Sabadell”.

Estimated Synergies Following Consummation of a Merger with Banco Sabadell

Following the No-merger Period (the length of which could be shortened if the Autonomy Condition is
declared void as a result of the Administrative Appeal) and the consummation of a merger with Banco Sabadell, on the basis of information publicly available to BBVA as of the date of this offer to exchange/prospectus, BBVA estimates that it would be
able to realize operating cost savings of approximately €835 million annually before taxes in Spain and Mexico. These operating cost savings would include approximately €510 million of annual operational cost savings before taxes
(mainly administration and technology) and approximately €325 million of annual personnel cost synergies before taxes.

With
respect to operational cost savings, BBVA estimates that the consummation of a merger following the No-merger Period would result in the integration of Banco Sabadell’s customers, operations and incremental activity under BBVA’s
technological network, systems and infrastructure, which is expected to allow the group to have a unique technological platform (core banking), generating savings from avoiding redundancies in investments and expenses in transformation,
regulatory and legal compliance, cybersecurity, fraud protection and development of platforms for new businesses, as well as avoiding redundancies in data center operations. Additionally, BBVA expects that it would achieve increased efficiency in
central services in Spain and Mexico. In the United Kingdom, BBVA has not estimated any cost savings.