Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 80

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 80
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 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 of the objectives of the sectoral regulation linked to support for growth and business
activity, (ii) protection of workers, (iii) territorial cohesion, (iv) social policy objectives related to the social work of their respective foundations, financial consumer protection and affordable housing and (v) promotion of
research and technological development. According to the Council of Ministers’ Authorization, such autonomy requires that both BBVA and Banco Sabadell adopt their respective management decisions considering the maximization of their respective
values as independent entities. For additional information on the Council of Ministers’ Authorization,