Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 12

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 12
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 issued and outstanding Banco Sabadell shares.                                                                                                                                          
 Pursuant to the exchange offer, BBVA is offering one newly-issued BBVA share and €0.70 in cash for each 5.5483 Banco Sabadell shares (adjusted, as the case may be, as described in this offer to exchange/prospectus) tendered and not withdrawn. |

| Q. | Why is BBVA making this exchange offer? |

| A. | As explained in “BBVA’s Reasons for the Proposed Exchange Offer”, BBVA is undertaking the                                                                                                                                                      
 exchange offer in order to acquire control of Banco Sabadell, which would result in Banco Sabadell becoming part of the BBVA Group. As soon as possible thereafter, and subject to compliance with the Council of Ministers’ Authorization (as 
 defined in “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”), BBVA intends to promote a merger of the two entities. Pursuant to the Council of Ministers’ Authorization, BBVA will be able to                     
 undertake a merger with Banco Sabadell only following the No-merger Period (as defined under “—Q. What are the terms of the Council of Ministers’ Authorization?” below), although a merger may be possible sooner if the                      
 Autonomy Condition (as defined in “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”) is declared void as a result of the Administrative Appeal (as defined under “—Q. What are the terms                           
 of the Council of Ministers’ Authorization?” below). For additional information on the Council of Ministers’ Authorization, see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”.                                 |

BBVA believes that the acquisition of control of Banco Sabadell and Banco Sabadell becoming part of the BBVA Group following completion of the exchange offer creates value for the shareholders of both entities, even though compliance with the Council of Ministers’ Authorization will delay the full realization of the expected synergies until consummation of a merger with Banco Sabadell. In particular, BBVA believes that the acquisition of control of Banco Sabadell and Banco Sabadell becoming part of the BBVA Group will result in:

| i. | the achievement of a larger scale in a highly competitive sector, resulting in higher efficiency. Scale is 
 essential in the financial sector in order to be able to meet increasing fixed costs                       |

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| associated with the investments in technology that will need to be made over the next few years in the face of changing