Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 220

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 220
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 Banco Sabadell has entered into an alliance with Zurich (regarding the distribution
of insurance and pension products), and into commercial agreements with each of Amundi (for asset management products), BNP Paribas (for depositary and custody services) and Ayvens (formerly, ALD Automotive) (for
auto-renting products). BBVA has estimated, on the basis of publicly-available information relating to Banco Sabadell, the potential cost of terminating Banco Sabadell’s alliance with Zurich as a result
of Banco Sabadell’s change of control. BBVA has considered this potential cost, as well as corresponding adjustments to fair value of the existing interests in such alliance, in calculating the impact of completion of the exchange offer on the
BBVA Group’s CET1 ratio. To the extent Banco Sabadell has not publicly disclosed change-of-control provisions contained in its material agreements, BBVA’s estimates of the potential cost of terminating Banco Sabadell’s alliance
with Zurich has been made with reference to (i) terms and conditions that, in BBVA’s experience, are included in similar agreements, (ii) market-standard conditions and (iii) estimates prepared by BBVA’s financial advisors.

BBVA’s intention with respect to this alliance and these commercial agreements is to promote the adoption of the decisions that generate
the greatest value for shareholders and clients, subject to compliance with the Autonomy Condition.

BBVA estimates that compliance with
the CNMC Commitments will not have any significant effects on BBVA’s strategic plans and intentions regarding the future activities and location of the Banco Sabadell Group.

Strategic Plans and Intentions Regarding Job Retention and Any Major Changes in Working Conditions

In accordance with the Council of Ministers’ Authorization, during 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, see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”), each entity must preserve its respective autonomy in the
management of its respective activities. Consequently, BBVA does not have any strategic plans or intentions regarding job retention or any major changes in the working conditions applied by Banco Sabadell in the 12 months following completion of the
exchange offer.

Following the No-merger Period, BBVA intends to implement an integration process that, regarding personnel decisions,
will seek to promote and preserve the best talent and culture of both entities. BBVA recognizes that both its own personnel and that of Banco Sabad