Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 153

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 153
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 as a result of the Administrative Appeal. The Council of Ministers’ Authorization does not prevent the acquisition of control of Banco Sabadell nor BBVA and Banco Sabadell from sharing best practices and operating efficiencies aimed at maximizing the respective value of each entity, subject to compliance with the Autonomy Condition. In this sense, BBVA has estimated (i) the synergies that it expects to realize as a result of the acquisition of control of Banco Sabadell and (ii) the synergies that it expects to realize upon consummation of a merger with Banco Sabadell following the No-merger Period. BBVA expects that compliance with the CNMC Commitments will not have a significant impact on the synergies described below. Additionally, the synergies described below have not taken into account the activity of Banco Sabadell in the United Kingdom, which means that the TSB Sale, if consummated, would not have an impact on such synergies, except with respect to certain financing cost savings described below. Estimated Synergies as a Result of the Acquisition of Control of Banco Sabadell BBVA estimates that it would be able to realize approximately €175 million annually before taxes in operational cost savings in Spain and Mexico during the second and third year following acquisition of control of Banco Sabadell. These synergies would continue to be realized during the fourth and fifth year following acquisition of control of Banco Sabadell if the Autonomy Condition remains in effect after June 24, 2028 for an additional two-year period. As described elsewhere herein, it is possible that the Autonomy Condition will be declared void as a result of the Administrative Appeal. During the No-merger Period, BBVA and Banco Sabadell would continue to operate in an autonomous manner in accordance with the Council of Ministers’ Authorization. These synergies would be associated mainly with the following:

| i. | Economies of scale and review of contractual terms with suppliers. During the No-merger Period, BBVA and Banco                                                                                                                                     
 Sabadell may begin to capture efficiencies through the joint and progressive coordination of their relationships with third parties. Firstly, through the review of contractual terms with shared suppliers. Without compromising their autonomous 
 management, BBVA and Banco Sabadell may renegotiate relevant agreements (in areas such as technology, marketing, ancillary services, or consulting) taking advantage of the most favorable terms of each entity and the improved                   |

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| negotiating leverage of the consolidated group, which may translate into better prices, more favorable clauses