Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 11

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 11
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 of the exchange offer creates value for the shareholders of both entities, even though compliance with the Council of Ministers’ Authorization will delay the full realization of the expected synergies until consummation of a merger with Banco Sabadell. In particular, BBVA believes that the acquisition of control of Banco Sabadell and Banco Sabadell becoming part of the BBVA Group will result in:

| i. | the achievement of a larger scale in a highly competitive sector, resulting in higher efficiency. Scale is 
 essential in the financial sector in order to be able to meet increasing fixed costs                       |

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| 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 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