Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 87

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 87
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’s Proposal, the FTT could apply in certain circumstances to persons both within and outside the participating Member
States. Generally, it would apply to certain dealings in the Preferred Securities where at least one party is a financial institution and at least one party is established in a participating Member State. A financial institution may be, or be deemed
to be, “established” in a participating Member State in a broad range of circumstances, including (i) by transacting with a person established in a participating Member State or (ii) where the financial instrument which is
subject to the dealings is issued in a participating Member State.

However, the Commission’s Proposal remains subject to negotiation
among the participating Member States. It may therefore be altered prior to any implementation, the timing of which remains unclear. Additional EU Member States may decide to participate and participating Member States may decide not to participate.

If the FTT is approved, certain dealings in the Preferred Securities may be subject to the FTT. Neither BBVA nor any other person would
be obliged to pay Additional Amounts with respect to any Preferred Security as a result of the imposition of such tax.

You may be unable to enforce judgments obtained in U.S. courts against BBVA.

Substantially all the directors and executive officers of BBVA
are not residents of the United States, and substantially all the assets of BBVA are located outside of the United States. As a consequence, you may not be able to effect service of process on these non-U.S.
resident directors and executive officers in the United States or to enforce judgments against them outside of the United States. Spanish counsel has advised that there is doubt as to whether a Spanish court would enforce a judgment of liability
obtained in the United States against BBVA predicated solely upon the securities laws of the United States.

Risks Relating to the Exchange Offer

See “Recent Developments” for a summarized description of BBVA’s exchange offer (the Exchange Offer) for the acquisition of all of the issued shares of Banco de Sabadell, S.A. (the Target Company). All capitalized terms not defined herein shall have the meanings ascribed to them in such section.

The BBVA Group faces risks related to its acquisitions and divestitures activity, including the Exchange Offer.

The BBVA Group has acquired and sold several companies and businesses over the past few years. For additional information on recent
transactions, see “Item 4. Information on the Company—History and Development of the Company—Capital Divestitures” and “