Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 63

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 63
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 B67 of IFRS
3 “Business Combinations”, it is possible to extend the valuation measurement period to one year from the date the transaction takes place.

Furthermore, given the absence of information in Banco Sabadell’s consolidated financial statements as of and for the year ended
December 31, 2024 regarding the extent of macro hedging accounting that could potentially fail to comply with IFRS-IASB, BBVA is not able to calculate the harmonization adjustments that would need to be applied to the consolidated financial
information of Banco Sabadell as of any date or for any period in order to make such information compliant with IFRS-IASB. Accordingly, BBVA has not made any harmonization adjustments to the consolidated financial information of Banco Sabadell as of
any date or for any period to make such information compliant with IFRS-IASB.

As a result of the foregoing, the accompanying pro forma
financial information may not represent the historical financial information of the combined group as if the business combination had taken place.

BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer.

BBVA may fail to fully realize the expected benefits and synergies of completing the exchange offer, including the substantial cost synergies
described below, in the time, manner or amounts currently expected as a result of, among others, the following risks.

Risks associated with the integration process

BBVA may fail to successfully consolidate or (if a merger is not completed) otherwise
coordinate BBVA’s businesses with those of Banco Sabadell, rationalize duplicative administrative functions or benefit from anticipated lower funding costs. For example, if a merger is completed, the operational integration of Banco Sabadell
into the BBVA Group (including the migration of Banco Sabadell’s IT system to BBVA) could prove to be particularly difficult and complex, may substantially divert management’s time, attention and resources and may be more expensive, time
consuming and resource intensive than anticipated. The difficulties that could be encountered include integrating personnel, operations and systems, coordinating the geographically dispersed organizations, distraction of management and employees
from operations and changes in corporate culture, retaining existing customers and attracting new customers, maintaining business relationships and inefficiencies associated with the integration of the operations of the companies.

Failure to successfully integrate or otherwise coordinate the businesses and operations of BBVA and Banco Sabadell could result in the failure
to realize some or all of the anticipated benefits from the transaction, including cost savings