Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 167

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 167
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119

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025.

This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all

information herein remains strictly confidential.

BBVA estimates that, following consummation of a merger with Banco Sabadell, it would also be
possible to rationalize the group’s branch network in Spain, with such rationalization being limited to less than 10% of the combined network. Such rationalization would result in the closure of approximately 300 of the 683 branch
offices within a proximity of less than 300 meters identified in the combined group network.

Additionally, BBVA estimates that following
consummation of a merger with Banco Sabadell financing cost savings would reach approximately €85 million annually before taxes, which savings are expected to be realized in accordance with the expected maturities of existing issuances of Banco
Sabadell and their renewal under BBVA’s financing conditions. These estimated financing cost savings could change as a result of changes in the ratings of BBVA and Banco Sabadell.

If the TSB Sale is consummated, BBVA estimates that the financing cost savings of approximately €85 million annually before taxes will
instead amount to approximately €65 million annually before taxes while operating cost savings would remain unchanged.

BBVA expects
to realize in full the estimated €920 million in annual savings (€900 million if the TSB Sale is consummated) described above in the first year after the merger with Banco Sabadell is consummated as it expects to be able to plan and
prepare their realization during the No-merger Period, which will allow for the estimated synergies to be realized from once the merger is consummated. These estimated annual savings would include the €250 million annual cost savings, or
€235 million annual costs savings if the TSB Sale is consummated, as applicable, described above under “—Estimated Synergies as a Result of the Acquisition of Control of Banco Sabadell”.

To achieve these cost savings, BBVA has estimated restructuring costs that include the closure of branch offices, personnel reductions,
severance costs and other necessary expenses for the integration of both entities, in each case considering BBVA’s experience in prior transactions.

The aggregate amount of these restructuring costs is estimated at approximately €1,390 million before taxes (which would be in
addition to the €60 million before taxes restructuring costs described under “—Estimated Synergies