Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 124

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 124
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 BBVA has not considered any revenue synergies, whether positive (e.g., from cross-selling opportunities or increased productivity from improvements in business practices) or negative (e.g., from loss of business from client overlap or branch office closures). However, based on BBVA’s experience in prior transactions, BBVA believes the positive revenue synergies would outweigh any negative revenue synergies. In addition, BBVA believes that completion of the exchange offer will have a positive impact on other stakeholders:

| • |     | Clients of both entities will have access to a value proposition characterized by the complementary nature of the 
 franchises, a broader product offering and the global reach of the combined group.                                |

| • |     | Employees of both entities will have access to new professional growth opportunities in a global entity. The 
 business combination seeks to preserve the best talent and culture of both entities.                         |

| • |     | Finally, the creation of a combined group will also translate into more financing for society as a whole. BBVA                                                                                                                              
 estimates that the combined group will have an additional lending capacity of €5 billion per year to households and businesses in Spain. It will also have a greater direct contribution to society through increased taxes. The additional 
 capacity to offer financing is expected to be obtained through a reduction in the cost of financing and the freeing up of resources currently used to comply with regulatory requirements.                                                  |

While it is BBVA’s intention to effect a merger by absorption, BBVA is not obligated or may be unable to consummate such a merger following completion of the exchange offer or may decide not to consummate it on the same terms as the exchange offer. See “The Exchange Offer—Certain Consequences of the Exchange Offer—Squeeze-out and Merger”. For further information regarding BBVA’s plans with respect to Banco Sabadell if the intended merger is not consummated for any reason, please see “The Exchange Offer—Plans for Banco Sabadell after the Exchange Offer—Planned Corporate Restructuring Transactions of Any Kind”. If all of the Banco Sabadell shares are validly tendered and exchanged, pursuant to the terms of the exchange offer, immediately after the exchange offer: (i) the former holders of Banco Sabadell shares will own approximately 16% of the share capital and voting rights of BBVA; and (ii) the current holders of BBVA shares will hold approximately 84% of the share capital and voting rights of BBVA. If the dividend payments of €0.41 per BBVA