Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 65

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 65
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 the Minimum Acceptance Condition.

Because BBVA would be
permitted to waive the Minimum Acceptance Condition when U.S. holders of Banco Sabadell shares no longer have the withdrawal rights required under U.S. law in the absence of the no-action relief granted by the SEC, U.S. holders of Banco Sabadell
shares are cautioned to consider not tendering their Banco Sabadell shares into the exchange offer if their willingness to tender their Banco Sabadell shares would be affected by such a waiver by BBVA of the Minimum Acceptance Condition.

For additional information regarding any decision by BBVA to waive the Minimum Acceptance Condition, see “The Exchange
Offer—Conditions to Completion of the Exchange Offer—Potential Waiver by BBVA of the Minimum Acceptance Condition”.

Completion of the exchange offer is not conditioned on the obtainment of a regulatory authorization of FINRA, and if such authorization is not obtained, and the exchange offer is completed, Banco Sabadell’s U.S. broker-dealer could be subject to the sanctioning regime established by FINRA.

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-opposition of 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-opposition with 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-opposition of several
competent regulatory supervisory bodies, including FINRA in relation to the acquisition of indirect control of Sabadell Securities USA, Inc., U.S. broker-dealer subsidiary of Banco Sabadell.

BBVA has obtained the relevant authorization or non-opposition from the competent regulatory supervisory bodies set forth in “The
Exchange Offer—Governmental and Regulatory Authorizations”, but it has not obtained the authorization of FINRA. Completion of the exchange offer is not conditioned upon obtaining the authorization of FINRA, and, as a result, the exchange
offer will be completed even if