Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 76

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 76
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 of the objectives of the sectoral regulation linked to support for growth and business
activity, (ii) protection of workers, (iii) territorial cohesion, (iv) social policy objectives related to the social work of their respective foundations, financial consumer protection and affordable housing and (v) promotion of
research and technological development. According to the Council of Ministers’ Authorization, such autonomy requires that both BBVA and Banco Sabadell adopt their respective management decisions considering the maximization of their respective
values as independent entities. For additional information on the Council of Ministers’ Authorization, see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”.

The Autonomy Condition will be in effect at least for a period of three years, beginning on June 24, 2025, extendable for an additional two
years.

On July 15, 2025, BBVA filed the Administrative Appeal. As of the date of this offer to exchange/prospectus, the Administrative
Appeal is pending. If the Autonomy Condition is declared void as a result of the Administrative Appeal, BBVA may be able to consummate a merger with Banco Sabadell sooner than would otherwise be permitted pursuant to the Council of Ministers’
Authorization. There is no guarantee that BBVA will prevail in the Administrative Appeal. BBVA expects the Administrative Appeal to be resolved in a period of between 18 months and two years.

Compliance with the Autonomy Condition will be supervised by a single administrative body, the Spanish Secretary of State for Economy and
Business Support (Secretaria de Estado de Economía y Apoyo a la Empresa, “SEEAE”). To allow the SEEAE to evaluate the efficacy of the Autonomy Condition with respect to the general interest concerns identified above, no
earlier than six months nor later than two months prior to June 24, 2028, each of BBVA and Banco Sabadell will be required to submit to the SEEAE a status report describing, in particular, the autonomous management model that each of them has
implemented and its contribution to the protection of the general interest concerns identified in the Council of Ministers’ Authorization and a long-term structural plan describing the extent to which their respective corporate strategy will
affect, in no less than the following five years, the general interest concerns identified in the Council of Ministers’ Authorization. However, the criteria that the SEEAE will use to evaluate the efficacy of the Autonomy Condition are
uncertain.

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Any of the foregoing could materially adversely affect BBVA