Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 13

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 13
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 client needs; |

| ii. | the creation of a group that reflects the financial results of both entities; |

| iii. | the consolidation of very complementary businesses, both in terms of geographical diversification and in terms 
 of positioning in different client segments in Spain; and                                                      |

| iv. | a consolidated group with a level of solvency above 12% (common equity tier 1 (“CET1”)), resilience    
 to external shocks and a lower vulnerability through economic cycles due to increased diversification. |

Additionally, BBVA believes that completion of the exchange offer will have a positive impact on the clients and employees of both entities and society as a whole.

| Q. | How is the exchange offer structured? |

| A. | BBVA is undertaking the exchange offer pursuant to the offering documents published (or that will be published)                                                                                                      
 in Spain and made available (or that will be made available) to all shareholders of Banco Sabadell and this offer to exchange/prospectus, for legal reasons to comply with Spanish and U.S. regulatory requirements. |

| Q. | Can I tender my Banco Sabadell shares into the exchange offer? |

| A. | If you are a U.S. holder of Banco Sabadell shares, you can tender them into the exchange offer and you will                                          
 receive BBVA shares in exchange for your Banco Sabadell shares as described in this offer to exchange/prospectus if the exchange offer is completed. |

| Q. | Has BBVA discussed the offer with Banco Sabadell’s board of directors? |

| A. | In evaluating the exchange offer, you should be aware that BBVA has not negotiated the price or terms of the              
 exchange offer with Banco Sabadell and neither Banco Sabadell nor its board of directors has approved the exchange offer. |

On April 17, 2024, the Chair of BBVA and the Chairman of Banco Sabadell had a meeting in which the Chair of BBVA informed the Chairman of Banco Sabadell of BBVA’s strategic and financial interest in resuming the merger discussions with Banco Sabadell (by reference to the merger transaction discussed between BBVA and Banco Sabadell in 2020 without reaching an agreement), with a view to creating a leading bank, with greater scale and competitive capacity. On April 30, 2024 due to a media report regarding the abovementioned discussions between the Chair of BBVA and the Chairman of Banco Sabadell, BBVA published