Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 72

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 72
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 not qualify as part of a Reorganization, a U.S. holder exchanging Banco Sabadell shares for BBVA shares pursuant to
the exchange offer will recognize gain or loss, if any, in an amount equal to the difference between the sum of the fair market value of the BBVA shares and cash received pursuant to the exchange offer, and the U.S. holder’s tax basis in the
Banco Sabadell shares exchanged, in each case determined in U.S. dollars. If the exchange offer and a subsequent merger, taken together, qualify as a Reorganization, a U.S. holder exchanging Banco Sabadell shares for BBVA shares generally will not
recognize any loss, but may be required to recognize gain as a result of the receipt of cash in lieu of fractional BBVA shares or cash described in “—Dividend Payments”.

If Banco Sabadell is or was a passive foreign investment company (a “PFIC”) for any taxable year during which a U.S. holder owned
Banco Sabadell shares, an exchange by the U.S. holder of Banco Sabadell shares for BBVA shares pursuant to the exchange offer could be taxable under the rules applicable to PFICs, even if the exchange offer qualifies as part of a Reorganization.

For further discussion, see “The Exchange Offer—Material U.S. Federal Income Tax Considerations for U.S. Holders”.

U.S. holders of Banco Sabadell shares should consult their tax advisers regarding the U.S. federal income tax consequences of the exchange
offer, including in the event the exchange offer does not qualify as part of a Reorganization.

Completion of the exchange offer may result in certain tax consequences arising from a change of ownership of Banco Sabadell.

BBVA has had access only to publicly-available
information concerning Banco Sabadell’s tax situation. Completion of the exchange offer may result in certain tax consequences arising from a change of ownership of

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the Banco Sabadell Group. The tax consequences of a change of ownership of a corporation are related, for instance, to (i) the ability to carry-over certain tax relief and other tax benefits, including, but not limited to, tax losses and tax credits incurred prior to completion of the exchange offer; or (ii) certain tax costs not normally associated with the ordinary course of business. Such other tax costs include, but are not limited to, stamp duties, land transfer taxes, franchise taxes and other levies. Completion of the exchange offer may result in ratings organizations and