Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 143

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 143
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 losses on certain financial assets and off-balance sheet exposures. Future events may therefore make it necessary to modify these estimates, which would involve recording the effects of such estimation changes, if any, in the Group’s consolidated financial statements on a forward-looking basis, in accordance with applicable regulations. Accounting Principles and Policies and Measurement Criteria The information in this subsection has been extracted from page 20 of Banco Sabadell’s consolidated financial statements as of and for the year ended December 31, 2024, reproduced herein on page A-107. See also Note 1.3 to the consolidated financial statements as of and for the year ended December 31, 2024. The accounting principles and policies, as well as the most significant measurement criteria applied when preparing Banco Sabadell’s consolidated financial statements, are described in Note 1.3 to Banco Sabadell’s consolidated financial statements as of and for the year ended December 31, 2024. There are no cases in which accounting principles or measurement criteria have not been applied because of a significant effect on the Group’s consolidated annual financial statements for 2024. IV. Quantitative and Qualitative Disclosure About Market Risk For quantitative and qualitative disclosures about market risk, foreign exchange risk and other risks, see Notes 4.4 and 12 to Banco Sabadell’s consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022 included herein. 111

BACKGROUND OF THE EXCHANGE OFFER

In 2020, BBVA and Banco Sabadell held discussions with respect to a potential merger of the two entities. The relevant merger discussions
ended in November 2020 without reaching an agreement.

In 2024, BBVA’s senior management, including the executive board members,
began to reconsider a potential merger with Banco Sabadell and believed that BBVA’s business in Spain could be enhanced through the strengthening of its local market position, complementing BBVA’s business segments with Banco
Sabadell’s while achieving larger scale and significant synergies.

Beginning in March 2024, members of BBVA’s senior
management contacted UBS Europe SE and JP Morgan SE as potential financial advisors regarding a potential transaction involving Banco Sabadell. UBS Europe SE and JP Morgan SE were formally engaged by BBVA as financial advisors in April 2024.

In April 2024, J&A Garrigues, S.L.P. and Davis Polk & Wardwell LLP were likewise engaged by BBVA