Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 135

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 135
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 branches that provide cash services in the municipalities referred to in (ii).                                            |

| • |     | With respect to the potential risk of reduction of financing to SMEs, BBVA has committed to maintain for a period                                                                                                                                     
 of 18-months following completion of the exchange offer, the working capital lines for all SMEs, and the current total credit volume for those SMEs that work exclusively with BBVA or Banco Sabadell (in each case, except in the event of financial 
 deterioration).                                                                                                                                                                                                                                       |

102

| • |     | With respect to the potential risk of reduced access to ATM services, BBVA has committed to maintain for a period                                          
 of 18-months following completion of the exchange offer access to Banco Sabadell’s ATM network on the same terms and conditions offered by Banco Sabadell. |

Additionally, BBVA’s commitments also include a proposal to mitigate the risk of deterioration of the commercial conditions in the payment acceptance services and related markets, which, in line with precedent transactions, consists in the divestment of the excess statutory interest in the share capital of the payment management companies in which BBVA participates. BBVA does not expect these commitments, if accepted by the CNMC on these terms, to materially impact the expected benefits of completion of the exchange offer or the synergies expected to be realized from the completion thereof. On November 12, 2024, the CNMC issued a decision to commence Phase II for an in-depth analysis of the impact on competition of the economic concentration resulting from completion of the exchange offer. On November 20, 2024, the CNMC issued a report in connection with the transaction, explaining their analysis during Phase I and the reasons to commence Phase II. On November 21, 2024, the CNMC named Banco Sabadell as the only legitimate interested party to the transaction and dismissed requests to be considered as legitimate interested parties from other third parties. On February 4, 2025, the CNMC submitted to each of BBVA and Banco Sabadell a statement of objections ( pliego de concreción de hechos) setting forth the main antitrust concerns identified by the CNMC. On February 20, 2025, the deadline for the submission of allegations by BBVA and Banco Sabadell to the statement of objections ( pliego de concreción de hechos) expired. As of the date of this offer to exchange/prospectus, the CNMC’s Phase II analysis remains ongoing. According to