Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 156

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 156
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 the financing cost savings of approximately €75 million annually before taxes will
instead amount to approximately €60 million annually before taxes in the third year following the acquisition of control of Banco Sabadell while operating cost savings would remain unchanged.

As a result of the foregoing, BBVA estimates that by the third year following acquisition of control of Banco Sabadell the aggregate amount of
savings (including operational cost savings and financing cost savings) will reach approximately €250 million annually before taxes (€235 million annually before taxes if the TSB Sale is consummated).

The synergies described above do not reflect any positive revenue synergies (including, among others, cross-selling opportunities, or higher
productivity resulting from the sharing of best practices) or negative revenue synergies (including, among others, loss of business due to client overlap), as these have not been quantified by BBVA. Notwithstanding the foregoing, BBVA’s
experience in previous transactions suggests that positive revenue synergies would outweigh negative revenue synergies, especially considering that both entities would have to operate in an autonomous manner during the No-merger Period, which would
potentially mitigate significantly the risks associated with negative revenue synergies.

BBVA estimates that net positive revenue
synergies could start to be realized as soon as in the first year following completion of the exchange offer as a result of the progressive implementation of best practices between the two entities, subject to the operational decisions taken by each
entity as part of their autonomous management. These synergies would be associated mainly with the business opportunities resulting from the combination of complementary businesses and the international footprint of the BBVA Group.

Finally, with the information available to BBVA as of the date of this offer to exchange/prospectus, BBVA estimates that the acquisition of
control of Banco Sabadell would result in additional lending capacity for society as a whole. BBVA estimates that the entities would together have an additional capacity for lending to households and businesses in Spain during the No-merger Period
of approximately €1,000 million in the second year following the acquisition of control of Banco Sabadell and approximately €1,500 million per year beginning the third year followingthe acquisition of control of Banco
Sabadell and continuing through the time of a subsequent merger. Such additional lending capacity has been estimated by BBVA using the methodology described below under “—Estimated Synergies Following Consummation of a Merger with Banco
Sabadell”.

Estimated Synergies Following Consummation of a Merger with