Company: BBVXF
Filing Date: 2025-09-17
Form Type: 425
Source: 0001193125-25-205900
Chunk: 15

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-17
Form: 425
Chunk 15
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, for good or bad, we are in Europe and it’s, you know, 16 months in, we’re still talking about this. Investors may ask: how should we think about sort of the financial merits of the transaction, especially following the conditions that the Spanish government has imposed? Now, how should we think about that?

| [00:34:49 |     | - |     | 00:34:50] |

OG:Meaning the government condition?

| [00:34:50 |     | - |     | 00:34:51] |

BofA:Correct.

| [00:34:51 |     | - |     | 00:37:48] |

OG:First of all, the government condition is only one. It’s not conditions, it’s only one condition. And the condition basically says that you have to keep Sabadell as a separate entity with a separate balance sheet, which then has a derivative attached to it, which is, as Sabadell management, you have to optimize the value of Sabadell. But the only condition is you have to keep them separate. It doesn’t say anything about — actually, it is very explicit in the government condition, and I hope everyone reads it in full — that BBVA can appoint the board, can appoint them. I mean, there is no restriction whatsoever. Given the antitrust CNMC conditions and commitments that we also agreed, there is also no problem in terms of coordinating the business, managing the business together, as long as, again, we keep them as separate and every entity optimizes their own value. So this is what is written in the condition. But in terms of the kind of the condition, the merger ban that you might be referring to — which is, you cannot merge in the next three years — we do have the clear conviction that it’s a bit in our hands in three years for this to be done as such, because there is a clear process outlined also in the government decision, which says that before the end of the three-year period we will submit a report. There are many details in there, which talk about how you have complied with this in the three years, what are you going to do for general interest for the coming year. It’s a bit in our hands to be able to prove to the government that there are no general interest issues going forward. Again, looking into also the three-year period, there is also a very important dynamic here that I would