# EDGAR Filing Document

**Accession Number:** 0000842180
**File Stem:** 0000000000-25-009072
**Filing Date:** 2025-8
**Character Count:** 10274
**Document Hash:** a73b51b6d27b90b84827df7bda391b97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009072.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0000000000-25-009072

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250825

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
- **CENTRAL INDEX KEY:** 0000842180
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 133491492
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-281111

**BUSINESS ADDRESS:**
- **STREET 1:** CALLE AZUL 4
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28050
- **BUSINESS PHONE:** 011 34 91 537 8172

**MAIL ADDRESS:**
- **STREET 1:** CALLE AZUL 4
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28050

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO BILBAO VIZCAYA ARGENTARIA S A
- **DATE OF NAME CHANGE:** 20000505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO BILBAO VIZCAYA S A
- **DATE OF NAME CHANGE:** 19991103
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193125-24-189026

## Text-Extract

```

                                                             August 25, 2025

Javier Alvarez-Cienfuegos
Corporate Counsel
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Calle Azul, 4
28050 Madrid
Spain

       Re: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
           DRS submitted August 12, 2025
           File No. 377-08317
Dear Javier Alvarez-Cienfuegos:

       We have reviewed your draft registration statement and have the
following comments.

       Please respond to this letter by providing the requested information and
publicly filing
your registration statement and non-public draft submission on EDGAR. If you do
not
believe a comment applies to your facts and circumstances or do not believe an
amendment is
appropriate, please tell us why in your response.

        After reviewing the information you provide in response to this letter
and your filed
registration statement, we may have additional comments.

DRS submitted August 12, 2025
Regulatory Statement, page 1

1.     We note the summary of the requested relief from Rule 14d-4(d)(2) that
has been
       added to this section. Please revise the description of such requested
relief to
       prominently caution holders of Banco Sabadell shares to not tender their
Banco
       Sabadell shares into the exchange offer if their willingness to tender
their Banco
       Sabadell shares would be affected by a waiver by BBVA of the Minimum
Acceptance
       Condition.
2.     We note the summary of the requested no-action relief with respect to
Rule 14d-7 that
       has been added to this section. Please revise the description of such
requested relief to
       clarify that it also covers    back-end    withdrawal rights under
Section 14(d)(5) of the
       Exchange Act.
 August 25, 2025
Page 2
If the exchange offer is completed, BBVA will be Banco Sabadell's majority
shareholder and
its interests may differ from the interests . . ., page 52

3.     Please revise this risk factor to clarify that BBVA will only be Banco
Sabadell   s
       majority shareholder following completion of the exchange offer if BBVA
does not
       waive the Minimum Acceptance Condition.
BBVA'S Reasons For The Proposed Exchange Offer, page 115

4.     We note that BBVA's board approved the exchange offer on May 8, 2024 and
that
       they considered a variety of factors, including, among others, the
material factors in
       this section. However, we note that one of the material factors, the
Council of
       Ministers' Authorization with the Autonomy Condition, occurred
subsequent to the
       Board approval. Please advise, with a view toward disclosure, whether
the Board
       reconfirmed or otherwise reconsidered its recommendation and approval of
the tender
       offer after receiving the Council of Ministers' Autonomy Condition or
any other
       subsequent matters. Please also revise the Summary section on page 30.
Estimated Synergies, page 117

5.     Revise this section to clarify whether any significant portion of the
estimated    175
       operational cost savings may be realized during periods during which
BBVA does not
       have control over Banco Sabadell. Please also discuss any material
portions of the
       estimated cost savings that management believes may depend on other
material
       assumptions in order to be realized.
Conditions to Completion of the Exchange Offer, page 125

6.     We note the disclosure on page 126 to the effect that BBVA may waive the
Minimum
       Acceptance Condition based on future facts and circumstances, although
BBVA does
       not currently intend to exercise that right. Please revise to specify
the factors that
       BBVA will consider in evaluating whether to waive the Minimum Acceptance
       Condition. Please also revise the related disclosure on pages 10 and 32
accordingly.
Mandatory Tender Offer, page 128

7.     We note the disclosure on page 128 that    a Mandatory Tender Offer
would need to be
       made at an    equitable price    in cash that may not be lower than the
highest price that
       BBVA, or persons acting in concert therewith, has paid or agreed to pay
for Banco
       Sabadell shares during the 12 months prior to the announcement of such
Mandatory
       Tender Offer.    Please revise this description of a Mandatory Tender
Offer to include
       BBVA   s expected source of funds and clarify whether BBVA expects the
 equitable
       price    offered in a potential Mandatory Tender Offer to deviate from
the value of the
       exchange offer consideration. Please also revise the related disclosure
on pages 10 and
       41 accordingly.
8.     We note the disclosure on page 128 to the effect that following the
Mandatory Tender
       Offer, Spanish law permits BBVA to purchase an unlimited amount of Banco
       Sabadell shares in the open market or otherwise without any obligation
to make a
       further tender offer. Please revise to clarify whether BBVA intends to
purchase
       additional Banco Sabadell shares in the open market or otherwise if BBVA
does not
 August 25, 2025
Page 3

       obtain control of Banco Sabadell following a Mandatory Tender Offer.
Please also
       revise the related disclosure on pages 11 and 42 accordingly.
Acquisition of Control of Banco Sabadell, page 129

9.     We note the disclosure on page 129 that    if the Minimum Acceptance
Condition is
       waived and the exchange offer is completed, whether BBVA controls Banco
Sabadell
       following completion of the exchange offer will depend on the number of
Banco
       Sabadell shares tendered and not withdrawn in the exchange offer and
other facts and
       circumstances existing at such time.    Please revise to specify the
other facts and
       circumstances    that BBVA believes will impact its ability to control
Banco Sabadell
       following a waiver of the Minimum Acceptance Condition and completion of
the
       exchange offer. Please also revise the related disclosure on pages 11,
42, and 70.
10.    See our last comment above. We note the disclosure on page 130 that
BBVA
       believes it might be possible that with at least 30% of Banco Sabadell
s voting rights
       BBVA will have control of Banco Sabadell    based on Banco Sabadell   s
current
       shareholder base and a historical analysis of Banco Sabadell   s general
shareholder
       meetings. Please revise to specify the Banco Sabadell decisions and/or
corporate
       actions that BBVA would    control    with at least 30% of Banco
Sabadell   s voting
       rights and to highlight any differences from a majority ownership
scenario (i.e.,
       satisfaction of the Minimum Acceptance Condition). Additionally, please
revise to
       include cautionary language regarding the possibility for changes in
Banco Sabadell   s
       shareholder base and participation at Banco Sabadell shareholder
meetings following
       the exchange offer, if completed. Please also revise the related
disclosure on page 11
       accordingly.
Spanish Antitrust Authorization, page 131

11.    Reference is made to the final sentence of this section where you state,
"BBVA
       expects the Administrative Appeal to be resolved in a period of between
18 months
       and two years." Throughout the prospectus where you reference the
Administrative
       Appeal, please disclose that you expect it to be resolved between 18
months and two
       years.
Plans Regarding the Use or Disposal of Assets of Banco Sabadell and Expected
Variations in
its Net Financial Debt, page 162

12.    We note the disclosure on page 163 that    BBVA has not made any
decision regarding
       any possible actions in relation to the TSB Sale or regarding the
exercise of other
       actions or alternatives that may be available to BBVA in connection with
the TSB
       Sale, which will be analyzed in due course.    Please revise to specify
any    actions or
       alternatives    that are being contemplated by BBVA in connection with
the TSB Sale
       and the factors that BBVA will consider in evaluating whether to pursue
any such
          actions or alternatives.    Please also revise the related disclosure
on page 165.
General

13.    We note the following defined terms that are used throughout the offer
to
       exchange/prospectus: Council of Ministers    Authorization (page 3),
No-merger Period
       (page 3), Autonomy Condition (page 3), and CNMC Commitments (page 10).
Please
 August 25, 2025
Page 4

      explain the meaning of each of these defined terms the first time they
are used, or
      direct shareholders to where such explanation is provided.
        Please contact Shane Callaghan at 202-551-6799, Todd Schiffman at
202-551-3491 or
Christian Windsor at 202-551-3419 with any questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Finance

```

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