Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 23

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 23
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 the number of Banco Sabadell shares tendered in   
 the exchange offer and not withdrawn). In this case, pursuant to the Spanish Takeover Regulation, the acceptance period would not be reopened, nor would withdrawal rights be provided to holders who have tendered their Banco Sabadell shares into the 
 exchange offer. Pursuant to the Spanish Takeover Regulation and in accordance with no-action relief granted to BBVA by the SEC, BBVA may waive the Minimum Acceptance Condition through the first Spanish stock exchange business day following the day  
 it receives a notification from the CNMV as to the final number of Banco Sabadell shares tendered in the exchange offer (which notification would be received within five Spanish stock exchange business days following the end of the acceptance       
 period). See “The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action Relief”.                                                                                                                                       |

As a result of the foregoing, holders of Banco Sabadell shares will not know whether BBVA will waive the Minimum Acceptance Condition at the time of deciding whether or not to tender their Banco Sabadell shares into the exchange offer. In addition, as described elsewhere in this offer to exchange/prospectus, holders of Banco Sabadell shares may withdraw their declarations of acceptance only prior to the last day of the acceptance period. Consequently, holders of Banco Sabadell shares who have tendered their Banco Sabadell shares into the exchange offer will not have an opportunity to withdraw their declarations of acceptance following any waiver of 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”.

| Q. | Has BBVA obtained the authorization of the economic concentration resulting from completion of the 
 exchange offer from the CNMC?                                                                      |

12

| Q. | What are the terms of the Council of Ministers’ Authorization? |

In