Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 181

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 181
---
 exchange offer, there would be fewer disposals of assets of Banco Sabadell (including in Banco Sabadell’s commercial network) than if the intended merger were consummated. 129

Additionally, BBVA would expect to enter into all necessary agreements with Banco
Sabadell to facilitate their collaboration and the integration of their technological capabilities (through a complex process whose implementation would require additional time) in the areas in which operational improvements and efficiencies are
possible, with synergies being allocated to each entity proportionally to their respective processing volumes. BBVA would also expect to enter into agreements with Banco Sabadell to allow their respective clients, particularly in the area of
corporate banking, to gain access to a broader range of services and products, as well as to new opportunities for growth and development in global markets as a result of the BBVA Group’s international footprint.

In a scenario where the intended merger is not consummated, and assuming that BBVA acquires the minimum number of Banco Sabadell shares
necessary to satisfy the related condition to the exchange offer, the estimated negative impact on the BBVA Group’s CET1 capital would be approximately 62 basis points (net of taxes and dividends and related prudential deductions and including
the 13 basis points impact of estimated restructuring costs), or approximately 49 basis points (net of taxes and dividends and related prudential deductions and excluding the impact of restructuring costs, which are subject to the approval of a
restructuring plan). As a result, the estimated CET1 capital ratio as of December 31, 2024, on a fully-loaded basis (if the exchange offer had been completed and assuming acceptance by holders of Banco Sabadell shares representing 50.01% of the
share capital of Banco Sabadell and reflecting the impact of restructuring costs, which are subject to the approval of a restructuring plan), would have been 12.26%.

With respect to the existing alliance between Banco Sabadell and Zurich (regarding the distribution of insurance and pension products) and the
commercial agreements between Banco Sabadell and each of Amundi (for asset management products), BNP Paribas (for depositary and custody services) and Ayvens (formerly, ALD Automotive) (for auto-renting products), respectively, BBVA does not expect
to treat them differently than in if the merger were consummated, being BBVA’s intention to prioritize value generation for Banco Sabadell’s shareholders and clients and to ensure alignment with the