Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 180

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 180
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 need to be approved by BBVA’s and Banco Sabadell’s respective shareholders. The consummation of the merger would require the prior authorization of the Spanish Minister of Economy, Trade and Business, following the issuance of related reports by certain regulators and authorities that will have previously issued favorable opinions with respect to the exchange offer. If any of the foregoing corporate approvals or the authorization from the Economy, Trade and Business’ Minister is not obtained, the merger will not be consummated. Based on the analysis of the information available as of the date of this offer to exchange/prospectus, BBVA believes that, if the intended merger is not consummated for any reason:

| • |     | the exchange offer would continue to present attractive opportunities for efficiency and operational improvements                                                                           
 for both banks, generating the majority of the expected cost synergies, with a time lag for full implementation of between one and two years from the settlement of the exchange offer; and |

| • |     | the restructuring plan in Spain would be focused primarily on corporate centers and senior management, with                                                                                                                                               
 relatively fewer branch offices expected to be closed across the branch network of Banco Sabadell (although BBVA has not quantified precisely the scope of branch closures in Spain in the event the intended merger is not consummated). If the intended 
 merger were not consummated, expectations with respect to Mexico and the United Kingdom would be the same as if the intended merger were consummated.                                                                                                     |

The commercial strategy proposed to be carried out by Banco Sabadell is expected to be, in any event, a continuation of its current commercial strategy, except with both banks operating in a coordinated manner and with the operational improvements derived from forming part of a larger and more international banking group. Notwithstanding the foregoing, the development of the segments and business lines in which Banco Sabadell already has solid positions would continue to be incentivized. The geographical and business diversification of the BBVA Group would also improve regardless of whether the intended merger is consummated and regardless of BBVA’s ownership stake in Banco Sabadell following completion of the exchange offer. Finally, BBVA expects that Banco Sabadell, as part of the BBVA Group, would also benefit from increased access to debt markets, allowing for financing synergies. The integration process would be less demanding in a scenario in which the intended merger is not consummated, and BBVA expects that in such a scenario, regardless of its ownership stake in Banco Sabadell following completion of the