Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 154

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 154
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 offer to exchange/prospectus, BBVA estimates that the consummation
of a merger with Banco Sabadell would result in additional lending

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capacity for society as a whole. BBVA estimates that the resulting entity would have an additional lending capacity of approximately €5,400 million per year to households and businesses in
Spain from the first year after the merger is consummated.

The additional lending capacity of the resulting entity has been calculated on
the basis of the synergies described above, the realization of which is estimated would allow for the generation of approximately €644 million in additional net attributable profit annually. Of this additional net attributable profit, after
assuming a distribution to shareholders of approximately 50% of such net attributable profit annually, in line with BBVA’s current shareholder remuneration policy, approximately €322 million would be reinvested in capital. If a 12% CET1
ratio is maintained, this additional capital would permit the group to increase its risk-weighted assets by approximately €2,700 million. Assuming new loans would have an estimated risk weight of 50% (in line with the average risk weight for
BBVA’s loans for homes and businesses in Spain), the approximately €2,700 million increase in risk-weighted assets would correspond to additional lending capacity of approximately double that amount, or approximately
€5,400 million.

As of the date of this offer to exchange/prospectus, it is not possible to predict the percentage of this new
lending capacity that will result in additional loan origination, which will depend, among other factors, on the level of demand for credit in the upcoming years.

If BBVA waives the Minimum Acceptance Condition and, as a result, does not obtain control of Banco Sabadell following completion of the
exchange offer, it may not be able to realize the synergies described above. See “The Exchange Offer—Conditions to Completion of the Exchange Offer—Potential Waiver by BBVA of the Minimum Acceptance Condition—Acquisition of
control of Banco Sabadell” and “Risk Factors—Risks Relating to the Exchange Offer—If BBVA waives the Minimum Acceptance Condition and the exchange offer is completed, BBVA may not have control of Banco Sabadell immediately
following completion of the exchange offer”.

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THE EXCHANGE OFFER

The Exchange Offer

BBVA is undertaking
the exchange offer pursuant to the offering documents published (or that will be published) in Spain and made available (or that will