Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 163

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 163
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 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 the following:

| i. | Economies of scale and review of contractual terms with suppliers. During the No-merger Period, BBVA and Banco                                                                                                                                     
 Sabadell may begin to capture efficiencies through the joint and progressive coordination of their relationships with third parties. Firstly, through the review of contractual terms with shared suppliers. Without compromising their autonomous 
 management, BBVA and Banco Sabadell may renegotiate relevant agreements (in areas such as technology, marketing, ancillary services, or consulting) taking advantage of the most favorable terms of each entity and the improved                   |

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As confidentially submitted to the Securities and Exchange Commission on August 11, 2025. This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.

| negotiating leverage of the consolidated group, which may translate into better prices, more favorable clauses, or indirect contractual synergies. Secondly, suppliers may be progressively unified                                                    
 in non-critical areas, such as ancillary services and marketing, resulting in better pricing conditions due to economies of scale and a better competitive position for the supplier servicing the BBVA Group. Finally, this approach enables          
 improvements in procurement processes by sharing expense analyses, approval criteria, and supplier evaluations. This will facilitate the early identification of structural inefficiencies, which will then inform final integration plans. All of the 
 foregoing would be done within the framework of autonomous management and the maximization of the value of each entity