Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 157

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 157
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 Banco Sabadell

Following the No-merger Period (the length of which could be shortened if the Autonomy Condition is declared void as a result of the
Administrative Appeal, see “The Exchange Offer—Antitrust Authorizations—Spanish Antitrust Authorization”) and the consummation of a merger with Banco Sabadell, on

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the basis of information publicly available to BBVA as of the date of this offer to exchange/prospectus, BBVA estimates that it would be able to realize operating cost savings of approximately
€835 million annually before taxes in Spain and Mexico. These operating cost savings would include approximately €510 million of annual operational cost savings before taxes (mainly administration and technology) and approximately
€325 million of annual personnel cost synergies before taxes.

With respect to operational cost savings, BBVA estimates that the
consummation of a merger following the No-merger Period would result in the integration of Banco Sabadell’s customers, operations and incremental activity under BBVA’s technological network, systems and infrastructure, which is expected
to allow the group to have a unique technological platform (core banking), generating savings from avoiding redundancies in investments and expenses in transformation, regulatory and legal compliance, cybersecurity, fraud protection and
development of platforms for new businesses, as well as avoiding redundancies in data center operations. Additionally, BBVA expects that it would achieve increased efficiency in central services in Spain and Mexico. In the United Kingdom, BBVA has
not estimated any cost savings.

BBVA estimates that, following consummation of a merger with Banco Sabadell, it would also be possible to
rationalize the group’s branch network in Spain, with such rationalization being limited to less than 10% of the combined network. Such rationalization would result in the closure of approximately 300 of the 683 branch offices
within a proximity of less than 300 meters identified in the combined group network.

Additionally, BBVA estimates that following
consummation of a merger with Banco Sabadell financing cost savings would reach approximately €85 million annually before taxes, which savings are expected to be realized in accordance with the expected maturities of existing issuances of Banco
Sabadell and their renewal under BBVA’s financing conditions. These estimated financing cost savings could change as a result of changes in the ratings of BBVA and Banco Sabadell.

If the TSB Sale is consummated, BBVA estimates that the financing cost savings of approximately €85 million annually before