Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 226

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 226
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 to fair value of the existing interests in such alliance, in calculating the impact of completion of the exchange offer on the
BBVA Group’s CET1 ratio. To the extent Banco Sabadell has not publicly disclosed change-of-control provisions contained in its material agreements, BBVA’s estimates of the potential cost of terminating Banco Sabadell’s alliance
with Zurich has been made with reference to (i) terms and conditions that, in BBVA’s experience, are included in similar agreements, (ii) market-standard conditions and (iii) estimates prepared by BBVA’s financial advisors.

BBVA’s intention with respect to this alliance and these commercial agreements is to promote the adoption of the decisions that generate
the greatest value for shareholders and clients, subject to compliance with the Autonomy Condition.

BBVA estimates that compliance with
the CNMC Commitments will not have any significant effects on BBVA’s strategic plans and intentions regarding the future activities and location of the Banco Sabadell Group.

Strategic Plans and Intentions Regarding Job Retention and Any Major Changes in Working Conditions

In accordance with the Council of Ministers’ Authorization, during the No-merger Period (the length of which could be shortened if the
Autonomy Condition is declared void as a result of the Administrative Appeal, see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”), each entity must preserve its respective autonomy in the
management of its respective activities. Consequently, BBVA does not have any strategic plans or intentions regarding job retention or any major changes in the working conditions applied by Banco Sabadell in the 12 months following completion of the
exchange offer.

Following the No-merger Period, BBVA intends to implement an integration process that, regarding personnel decisions,
will seek to promote and preserve the best talent and culture of both entities. BBVA recognizes that both its own personnel and that of Banco Sabadell constitute their respective greatest assets, with talent management being a fundamental priority
for maintaining the group’s competitive advantage.

In relation to the personnel synergies expected to be realized after
consummation of a merger with Banco Sabadell, BBVA expects to adjust the workforce of both entities, for which purpose it will carry out a strategic and objective evaluation of the business, activities, job positions and working conditions of Banco
Sabadell after completion of the exchange offer. As a result of that review, BBVA will analyze which changes will enable it to avoid unnecessary duplications of job functions, to improve operational efficiency and to optimize corporate resources