Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 75

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 75
---
 synergies and other savings, following completion of the exchange offer and the timing in which they are realized or incurred, as applicable, may differ from BBVA’s estimates. Additionally, any error or omission on the
publicly-available information regarding Banco Sabadell may affect BBVA’s analysis and estimates.

Additionally, business
combinations are inherently complex due to the difficulties associated with the integration of activities and technology, and BBVA cannot give any assurance that it will be able to integrate

49

such activities and technology successfully. BBVA’s results of operations may be adversely affected by any liabilities and costs related to the merger with Banco Sabadell, loss of business
due to client overlap or loss of clients in favor of competitors. Integrating Banco Sabadell’s IT system within that of BBVA could prove to be particularly difficult and complex, may substantially divert management’s time, attention and
resources and may be more expensive, time consuming and resource intensive than anticipated. The difficulties that could be encountered include coordinating personnel, operations and systems, coordinating the geographically dispersed organizations,
distraction of management and employees from operations and changes in corporate culture, retaining existing customers and attracting new customers, maintaining business relationships and inefficiencies associated with the coordination of the
operations of the companies.

Failure to successfully integrate the businesses and operations of BBVA and Banco Sabadell, could result in
the failure to realize some or all of the anticipated benefits of the consummation of a merger with Banco Sabadell, including cost savings and other operating efficiencies.

As a result of the foregoing, BBVA cannot give any assurance that all or part of the synergies expected to be realized following the
consummation of a merger with Banco Sabadell following the No-merger Period, including operating cost saving and financing cost savings, will actually be realized.

During the No-merger Period, BBVA and Banco Sabadell will each be required to preserve their respective autonomy in the management of their respective operations.

Pursuant to the Council of Ministers’ Authorization, during the No-merger Period, BBVA and Banco Sabadell shall
maintain separate legal personality and shareholders’ equity. As a result, there will not be a merger between BBVA and Banco Sabadell until, at least, following the No-merger Period. During the No-merger Period, each entity must preserve its
respective autonomy in the management of its operations aimed at protecting the following general interest concerns: (i) ensuring an adequate maintenance