Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 119

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 119
---
 voting rights of the Banco Sabadell shares outstanding at the end of the
acceptance period (thus, excluding any treasury shares held by Banco Sabadell as of that time).

92

BBVA’S REASONS FOR THE PROPOSED EXCHANGE OFFER The board of directors of BBVA unanimously approved undertaking the exchange offer at a meeting held on May 8, 2024. In reaching its decision to approve these matters, BBVA’s board of directors consulted with BBVA’s management and its financial and legal advisors and considered a variety of factors, including, among others, the material factors described below. This summary of BBVA’s reasons for undertaking the exchange offer and the other information presented in this section are forward-looking statements and, therefore, should be read in light of the factors discussed under “Cautionary Statement Regarding Forward-Looking Statements” in this offer to exchange/prospectus beginning on page 18 and the risks and uncertainties discussed under “Risk Factors” in this offer to exchange/prospectus beginning on page 36. BBVA is undertaking the exchange offer to acquire control of Banco Sabadell in order to be in a position to, subject to relevant approvals, integrate both businesses and create a stronger combined group, which is expected to result in:

| • |     | The achievement of a larger scale in a highly competitive sector, resulting in higher efficiency. Scale is                                                                                                                                           
 essential in the financial sector in order to be able to meet increasing fixed costs associated with the investments in technology that will need to be made over the next few years in the face of changing client needs. The implementation of new 
 technologies, such as artificial intelligence and machine learning, the management of technological risks, especially those related to the resilience or defense against external threats, such as cyberattacks, the adaptation to new rules and     
 regulations that will arise precisely as a result of the evolution of these technologies, taking into account the requirements under new regulations (such as Regulation DORA2), will all be critical. These investments are necessary in order to   
 continue with the digital transformation that the industry is facing and to compete with new operators and large technology companies that have lighter cost structures and more flexible value propositions in the most profitable businesses.      |

The combined group would become the second largest financial institution in Spain with a loan market share close to 22% (14.0% BBVA and 8.3% Banco Sabadell, as of December 31, 2024), based on December 31, 2024