Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 44

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 44
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 services for large and medium-sized companies, small and medium-sized enterprises (“SMEs”), retailers
and self-employed workers, professional groups, other individuals and bancassurance. The main customers of the Banco Sabadell Group are SMEs and individual clients in Spain, with a total customer base that is now six times larger than it was in
2008. As of December 31, 2024, the Banco Sabadell Group operated a total of 1,350 branches (1,139 in Spain). The Banco Sabadell Group’s retail banking activities are conducted primarily through this branch network.

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Risk Factors (page 42) An investment in BBVA shares involves risks. In considering whether or not to tender your Banco Sabadell shares in the exchange offer, you should carefully consider the information about these risks set forth under “Risk Factors” in this offer to exchange/prospectus beginning on page 42, together with the other information included or incorporated by reference into this offer to exchange/prospectus. The Exchange Offer (page 122)

| Exchange Offer | 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, to acquire all of the issued and 
 outstanding Banco Sabadell shares. The exchange offer will be addressed to U.S. holders of Banco Sabadell shares pursuant to this offer to exchange/prospectus.                                                                                      |

| Consideration | If the exchange offer is completed, you will receive one newly-issued BBVA share and €0.70 in cash for each 5.5483 Banco Sabadell shares (adjusted, as the case may be, as described in this offer to exchange/prospectus) you tender into, and 
 do not withdraw from, the exchange offer.                                                                                                                                                                                                       |

| Fractional BBVA Shares | No fractional BBVA shares will be issued in connection with the exchange offer. Instead of any such fractional BBVA shares that a tendering holder of Banco Sabadell shares would otherwise be entitled to receive, BBVA will pay to the relevant       
 tendering holder an amount in cash equal to the weighted average price per BBVA share during the 15 trading sessions prior to the expiration date (including the expiration date) multiplied by the fraction of a BBVA share that a tendering holder of 
 Banco Sabadell shares would otherwise be entitled to receive in accordance with the exchange ratio of 5.