Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 174

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 174
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 Commission considers that certain provisions in Spanish banking and competition laws, granting unrestricted powers to the Spanish government to intervene in mergers and acquisitions of banks, impinge on exclusive competencies of the ECB and national supervisors under the relevant EU banking regulations. The European Commission also said it considers these broad discretionary powers under Spanish law to constitute “unjustified restrictions to the freedom of establishment and of capital movements.” The Spanish government was given two months to respond to the formal letter of notice from the European Commission. If the Spanish government’s response is deemed unsatisfactory by the European Commission, the European Commission may issue a reasoned opinion and could eventually refer the case to the Court of Justice of the European Union for alleged breaches of European Union law. As a consequence of the infringement procedure opened by the European Commission, it is possible that the Spanish government would have to modify its banking and competition laws to eliminate some or all of the powers granted to the Spanish government to intervene in mergers and acquisitions of banks. BBVA cannot predict whether the infringement procedure (or any subsequent developments arising therefrom) will impact the outcome of the Administrative Appeal or any requirement to receive the Spanish government’s approval with respect to a future merger with Banco Sabadell. Governmental and Regulatory Authorizations According to the information available to BBVA, Banco Sabadell has control or significant shareholdings in regulated entities both in Spain and in other jurisdictions. The acquisition by BBVA of control of Banco Sabadell as a result of the exchange offer will involve the indirect acquisition of control or significant shareholdings in such regulated subsidiaries or affiliates of Banco Sabadell, which may require, in accordance with the applicable legislation in each case, obtaining the authorization or non-oppositionof the competent regulatory supervisory bodies in Spain or in jurisdictions other than Spain, as applicable. As a result, according to the information available to BBVA, the authorization or non-oppositionwith respect to the indirect acquisition of control or significant shareholdings in regulated subsidiaries or affiliates of Banco Sabadell is subject to the prior notification to or the authorization or non-oppositionof the following competent regulatory supervisory bodies:

| i. | The PRA in relation to the acquisition of indirect control of TSB, English banking subsidiary of Banco 
 Sabadell, in accordance with the Financial Services and Markets Act 2000. The PRA authorized the       |

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| ii. | The ECB in relation to the acquisition of indirect control of Sabadell Consumer Finance, S.A.U., Spanish                                                                                                                                             
 banking subsidiary of