Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 221

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 221
---
ell constitute their respective greatest assets, with talent management being a fundamental priority
for maintaining the group’s competitive advantage.

In relation to the personnel synergies expected to be realized after
consummation of a merger with Banco Sabadell, BBVA expects to adjust the workforce of both entities, for which purpose it will carry out a strategic and objective evaluation of the business, activities, job positions and working conditions of Banco
Sabadell after completion of the exchange offer. As a result of that review, BBVA will analyze which changes will enable it to avoid unnecessary duplications of job functions, to improve operational efficiency and to optimize corporate resources.
BBVA intends to form an integration committee with representatives from both entities, with the

161

objective of designing the best integration process seeking to maximize the talent of both entities. In the integration process, BBVA will respect the principles of merit and professional
capacity, implementing measures agreed between the two entities, which are not expected to primarily adversely affect the employees of one of the entities.

BBVA will initiate a consultation process with the workers’ representatives in order to minimize the impact of the adjustment,
prioritizing, as much as possible, voluntary departures and relocations. Likewise, during the consultation period with the workers’ representatives, BBVA plans to initiate negotiations in order to align the human resources policies of both
entities, which could imply changes to the working conditions of employees and executives of Banco Sabadell.

Plans Regarding the Use or Disposal of Assets of Banco Sabadell and Expected Variations in its Net Financial Debt

Plans Regarding the Use or Disposal of Assets of Banco Sabadell

BBVA does not have any plans with respect to the use or disposal of Banco Sabadell’s assets. Any such decision
will be analyzed following completion of the exchange offer, in compliance with applicable law and the Council of Ministers’ Authorization. While the Autonomy Condition of the Council of Ministers’ Authorization remains in effect, any
decision with respect to the potential rationalization or optimization of Banco Sabadell’s branch network would be adopted by the board of directors of Banco Sabadell autonomously and independently, seeking to maximize the value of Banco
Sabadell as an independent entity.

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”), BBVA estimates that it would be possible to rationalize