Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 172

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 172
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 to refer the CNMC’s resolution to the Spanish Council of Ministers for review on the basis of general public interest. The Spanish Council of Ministers issued a decision on June 24, 2025 (the “Council of Ministers’ Authorization”) whereby it agreed to authorize the economic concentration resulting from completion of the exchange subject to an additional condition (as set forth in (1) below, the “Autonomy Condition”) on the following literal terms: “1.—To authorize the BBVA/Banco Sabadell concentration (file C/1470/24 of the CNMC and CE/022/25 from the Ministry of Economy, Trade and Business), with a condition based on the following criteria of general interest, other than those relating to the defense of competition: (i) ensuring an adequate maintenance of the objectives of the sectoral regulation linked to support for growth and business activity, (ii) protection of workers, (iii) territorial cohesion, (iv) social policy objectives related to the social work of their respective foundations, financial consumer protection and affordable housing and (v) promotion of research and technological development:

| • |     | For a period of three years from the notification of this resolution, BBVA and Banco Sabadell                                                                                                                                                    
 shall maintain separate legal personality and shareholders’ equity. Each entity must preserve autonomy in the management of its activity aimed at protecting the criteria of general interest indicated in the previous paragraph. Such autonomy 
 must be materialized, at least, in the maintenance of autonomous management and decision-making in relation to decisions affecting the policy of: i) financing and credit policies, in particular to SMEs, ii) human                             
 resources, iii) branch network and banking services, and iv) social work through their respective foundations.                                                                                                                                   |

2.—The supervisory body shall be the Secretary of State for Economy and Business Support (hereinafter, SEEAE). The SEEAE will evaluate the effectiveness of the established condition. To assess this, it will require, between six and two months prior to the minimum end date of the period established in the condition (three years):

| • |     | A status report: BBVA and Banco Sabadell must submit a status report for each of                                                                                                                                          
 the entities to the SEEAE. This report, in particular, will detail the autonomous management model that has been carried out and its contribution to the maintenance of the criteria of general interest mentioned above. |

| • |     | Long-term structural plan: each of the entities must prepare and publish on its website a long-term structural