Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 136

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 136
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 the Spanish Competition Law, the CNMC may (i) approve the economic concentration resulting from completion of the exchange offer without conditions, (ii) approve the economic concentration resulting from completion of the exchange offer subject to any remedies or commitments proposed by BBVA to address any competition concerns identified by the CNMC or different conditions imposed by the CNMC itself or (iii) declare the economic concentration resulting from completion of the exchange offer inappropriate. In the case of (ii) and (iii) above, the CNMC’s resolution will be communicated to the Spanish Minister of Economy, Trade and Business and it will not be effective (i) until a 15-business-day period lapses without a referral by the Spanish Minister of Economy, Trade and Business to the Council of Ministers for review on the basis of general public interest or (ii) if such a referral is made, until the Council of Ministers issues a decision or a subsequent one-month period lapses without a decision from the Council of Ministers. If the economic concentration resulting from completion of the exchange offer is approved subject to conditions, including any remedies or commitments proposed by BBVA to address any competition concerns identified by the CNMC, BBVA may, at its discretion, waive the condition to obtain the authorization of the CNMC or withdraw the exchange offer. BBVA will promptly evaluate the expected consequences of any such conditions to determine whether to continue with completion of or withdraw the exchange offer, and publicly announce its decision. 103

Governmental and Regulatory Authorizations According to the information available to BBVA, Banco Sabadell has control or significant shareholdings in regulated entities both in Spain and in other jurisdictions. The acquisition by BBVA of control of Banco Sabadell as a result of the exchange offer will involve the indirect acquisition of control or significant shareholdings in such regulated subsidiaries or affiliates of Banco Sabadell, which may require, in accordance with the applicable legislation in each case, obtaining the authorization or non-oppositionof the competent regulatory supervisory bodies in Spain or in jurisdictions other than Spain, as applicable. As a result, according to the information available to BBVA, the authorization or non-oppositionwith respect to the indirect acquisition of control or significant shareholdings in regulated subsidiaries or affiliates of Banco Sabadell is subject to the prior notification to or the authorization or non-oppositionof the following competent regulatory supervisory bodies:

| ii. | The ECB in relation to the acquisition of indirect control of Sabadell Consumer Finance, S.A.U., Spanish                                                                                                                                   
 banking subsidiary of