Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 171

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 171
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untendered Banco Sabadell shares in the open market or otherwise in an unlimited amount and without giving rise to any obligation to make a further tender offer for any Banco Sabadell shares. BBVA is undertaking the exchange offer in order to
acquire control of Banco Sabadell. If BBVA does not obtain control of Banco Sabadell following completion of the exchange offer and a Mandatory Tender Offer, BBVA may (but it is not obligated to) acquire additional Banco Sabadell shares, in the open
market or otherwise, to eventually obtain control of Banco Sabadell. The execution, timing and manner of any such additional acquisitions will depend on many factors, including business developments, macroeconomic developments and conditions, and
prevailing market conditions.

Impact on the BBVA Group’s CET1 ratio

Based on the assumptions described under “—Certain Consequences of the Exchange Offer—Impact of the Acquisition of Control of
Banco Sabadell on the BBVA Group’s CET1 Ratio—50% Acceptance Scenario”, BBVA estimates that, if the exchange offer were accepted by holders of Banco Sabadell shares representing 30% of the share capital of Banco Sabadell (for
purposes of this section, the “30% Acceptance Scenario”) and the exchange offer were completed as a result of a waiver of the Minimum Acceptance Condition, and BBVA did not have control of Banco Sabadell upon completion of the exchange
offer, the estimated impact on the CET1 ratio of the BBVA Group as of June 30, 2025, on a fully-loaded basis, would have been a positive impact of 16 basis points. This is because BBVA’s investment in Banco Sabadell would be accounted for
using the equity method of accounting and, accordingly, capital consumption would be calculated applying a 250% risk weight to BBVA’s investment in Banco Sabadell up to the relevant threshold (beyond this threshold, such investment would be
deducted directly from the capital base, potentially leading to a negative impact of up to 5 basis points on the CET1 ratio of BBVA as of June 30, 2025 if the full investment were deducted directly instead of applying a 250% risk weight). In
this no-control scenario, BBVA estimates that the consummation of the TSB Sale and payment of the TSB Sale Dividend following completion of the exchange offer would have a cumulative positive impact of 37
basis points on the BBVA