Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 148

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 148
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 global group. The acquisition of control of Banco Sabadell seeks to preserve the best talent and culture of both entities. |

Completion of the exchange offer could also have a greater direct contribution to society through increased taxes (which contribution will vary depending on whether a merger with Banco Sabadell is consummated). Estimated S ynergies The Council of Ministers’ Authorization requires BBVA to comply with the Autonomy Condition during the No-merger Period, which, among other matters, requires that, during the No-merger Period, BBVA and Banco Sabadell maintain separate legal personality and shareholders’ equity. It is possible that the Autonomy Condition will be declared void as a result of the Administrative Appeal. The Council of Ministers’ Authorization does not prevent the acquisition of control of Banco Sabadell nor BBVA and Banco Sabadell from sharing best practices and operating efficiencies aimed at maximizing the respective value of each entity, subject to compliance with the Autonomy Condition. In this sense, BBVA has estimated (i) the synergies that it expects to realize as a result of the acquisition of control of Banco Sabadell and (ii) the synergies that it expects to realize upon consummation of a merger with Banco Sabadell following the No-merger Period. BBVA expects that compliance with the CNMC Commitments will not have a significant impact on the synergies described below. Additionally, the synergies described below have not taken into account the activity of Banco Sabadell in the United Kingdom, which means that the TSB Sale, if consummated, would not have an impact on such synergies, except with respect to certain financing cost savings described below. Estimated Synergies as a Result of the Acquisition of Control of Banco Sabadell BBVA estimates that it would be able to realize approximately €175 million annually before taxes in operational cost savings in Spain and Mexico during the second and third year following acquisition of control of Banco Sabadell. These synergies would continue to be realized during the fourth and fifth year following acquisition of control of Banco Sabadell if the Autonomy Condition remains in effect after June 24, 2028 for an additional two-year period. As described elsewhere herein, it is possible that the Autonomy Condition will be declared void as a result of the Administrative Appeal. During the No-merger Period, BBVA and Banco Sabadell would continue to operate in an autonomous manner in accordance with the Council of Ministers’ Authorization. These synergies would be associated mainly with