Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 9

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 9
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 competitive sector, resulting in higher efficiency. Scale is                                                                                                                 
 essential in the financial sector in order to be able to meet increasing fixed costs associated with the investments in technology that will need to be made over the next few years in the face of changing client needs; |

| ii. | the creation of a franchise that combines the financial results of both entities, capturing substantial cost                                
 synergies, which BBVA has projected at approximately €850 million per year before taxes for Spain and Mexico, once they are fully realized; |

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

| iv. | a combined 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. 2

| 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 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