<SEC-DOCUMENT>0000950103-20-014806.txt : 20200731
<SEC-HEADER>0000950103-20-014806.hdr.sgml : 20200731
<ACCEPTANCE-DATETIME>20200731154921
ACCESSION NUMBER:		0000950103-20-014806
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200731
DATE AS OF CHANGE:		20200731
EFFECTIVENESS DATE:		20200731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
		CENTRAL INDEX KEY:			0000842180
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-240248
		FILM NUMBER:		201065858

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dp132809_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">As filed with the
Securities and Exchange Commission on July 31, 2020.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-_________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>UNITED STATES&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>SECURITIES AND
EXCHANGE COMMISSION&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>Washington, D.C.
20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center; text-indent: -0.15pt"><B>FORM
S-8</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center; text-indent: -0.15pt"><B>REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center; text-indent: -0.15pt"><B>BANCO
BILBAO VIZCAYA ARGENTARIA, S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">(Exact name of registrant
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 50%; text-align: center; font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Kingdom of Spain</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>13-3491492</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="text-align: center; font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>Calle Azul,
4</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>28050 Madrid</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>Spain</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">(Address of
Principal Executive Offices) (Zip Code)</P></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>Share Remuneration
Plan for BBVA Defined Group in the United States</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>BBVA USA Bancshares,
Inc. Local Directors Compensation and Business Development Plan</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">(Full title of plans)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>Diego Crasny Zyman&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>Banco Bilbao Vizcaya
Argentaria, S.A.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>New York Branch&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>1345 Avenue of
the Americas, 45th Fl&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>New York, NY 10105&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">(Name and address of
agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>(212) 728-1660&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">(Telephone number,
including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Large accelerated filer &#9746;</FONT></TD>
    <TD STYLE="width: 50%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Accelerated filer &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer &#9744;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Smaller reporting company &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Emerging growth company &#9744;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

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<TD STYLE="text-align: center; width: 0.5in">____________________________</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>CALCULATION OF REGISTRATION
FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Title of Securities to be registered (1)</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Amount to be registered (2)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Proposed maximum offering price per share (3)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Proposed maximum aggregate offering price (3)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1.5pt solid; border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Amount of registration fee</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Ordinary shares, nominal value &euro;0.49 per share (&ldquo;<B>Ordinary Shares</B>&rdquo;)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">14,200,000</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;shares</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">$<FONT STYLE="font-family: Times New Roman, Times, Serif">3.39</FONT></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">$<FONT STYLE="font-family: Times New Roman, Times, Serif">48,138,000</FONT></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">$<FONT STYLE="font-family: Times New Roman, Times, Serif">6,248.31</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 7%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 90%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">American Depositary Shares, evidenced
by American Depositary Receipts, issuable upon deposit of the Ordinary Shares registered hereby (the &ldquo;<B>BBVA ADS</B>&rdquo;),
have been registered under separate registration statements on Form F-6 (Registration No. 333-11920, 333-142862 and 333-227541).
Each BBVA ADS represents one Ordinary Share.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Represents 13,000,000 Ordinary
Shares reserved for awards of BBVA ADSs under the Share Remuneration Plan for BBVA Defined Group in the United States (formerly
entitled the Share Remuneration Plan for BBVA Group Management and Certain Risk Functions in the United States) and 1,200,000
Ordinary Shares reserved for awards of BBVA ADSs under the BBVA USA Bancshares, Inc. Local Directors Compensation and Business
Development Plan (formerly entitled the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan).
The BBVA ADSs to be awarded under such plans will be acquired in open market purchases or in private transactions. In addition,
in accordance with Rule 416 under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), this Registration
Statement shall be deemed to include such additional Ordinary Shares as may be offered to prevent dilution resulting from stock
splits, stock dividends or similar transactions pursuant to the provisions of the plans covered hereby.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Pursuant to Rule 457(h)(1) and Rule 457(c) under
the Securities Act, the proposed maximum offering price per share and the proposed maximum aggregate offering price are estimated
solely for the purpose of calculating the registration fee and are based on the average of the high and low prices of BBVA ADSs
on the New York Stock Exchange on July 29, 2020.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Banco Bilbao Vizcaya Argentaria, S.A. (the
&ldquo;<B>Registrant</B>&rdquo;) filed a Registration Statement on Form S-8 on February 11, 2008 (Registration No. 333-149157)
(the &ldquo;<B>First Registration Statement</B>&rdquo;) to register under the Securities Act, 1,706,004 Ordinary Shares, of which
1,320,911 of such Ordinary Shares were reserved for awards of BBVA ADSs pursuant to the Amended and Restated Restricted Share and
Unit Plan of BBVA USA Bancshares, Inc. (formerly entitled the Amended and Restated Restricted Share and Unit Plan of BBVA Compass
Bancshares, Inc. and, prior thereto, the 2007 Restricted Share and Unit Plan for Employees of Compass Bancshares, Inc. and its
Subsidiaries) (as amended or amended and restated from time to time, the &ldquo;<B>Restricted Share and Unit Plan</B>&rdquo;) and
385,093 of such Ordinary Shares were reserved for awards of BBVA ADSs pursuant to the BBVA USA Bancshares, Inc. Local Directors
Compensation and Business Development Plan (formerly entitled the BBVA Compass Bancshares, Inc. Local Directors Compensation and
Business Development Plan and, prior thereto, the Compass Bancshares, Inc. Local Directors Compensation and Business Development
Plan) (as amended or amended and restated from time to time, the &ldquo;<B>Local Directors Plan</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On November 23, 2009, the Compensation
Committee of the Board of Directors of BBVA USA Bancshares, Inc. (formerly known as BBVA Compass Bancshares, Inc. and, prior thereto,
as Compass Bancshares, Inc.) (&ldquo;<B>BBVA US</B>&rdquo;) voted (i) to revise the Restricted Share and Unit Plan to provide that
certain additional U.S. employees and officers of the Registrant and its subsidiaries may participate in awards thereunder and
(ii) to increase the amount of Ordinary Shares registered under the Securities Act by 1,842,916 Ordinary Shares (the &ldquo;<B>First
Additional Shares</B>&rdquo;) for purposes of reserving (A) 1,692,916 First Additional Shares for awards of BBVA ADSs in connection
with three incentive programs to be made under the Restricted Share and Unit Plan and (B) 150,000 First Additional Shares for awards
of BBVA ADSs under the Local Directors Plan. Such 1,842,916 First Additional Shares were registered by the Registrant on a Registration
Statement on Form S-8 on December 18, 2009 (Registration No. 333-163816) (the &ldquo;<B>Second Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On May 20, 2010, the Compensation and Benefits
Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the Securities
Act by 1,372,788 Ordinary Shares (the &ldquo;<B>Second Additional Shares</B>&rdquo;) for purposes of reserving all of such Second
Additional Shares for awards of BBVA ADSs in connection with three incentive programs to be made under the Restricted Share and
Unit Plan. Such 1,372,788 Second Additional Shares were registered by the Registrant on a Registration Statement on Form S-8 on
June 8, 2010 (Registration No. 333-167389) (the &ldquo;<B>Third Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On November 15, 2011, the Compensation
and Benefits Committee of the Board of Directors of BBVA US voted (i) to adopt amendments to the Restricted Share and Unit Plan
to provide for the registration under the Securities Act of an additional 235,000 Ordinary Shares for purposes of awards of BBVA
ADSs in connection with an incentive program primarily for selected U.S. non-executive management employees and officers of the
Registrant or its direct or indirect subsidiaries and (ii) to adopt the Share Remuneration Plan for BBVA Defined Group in the United
States (formerly entitled the Share Remuneration Plan for BBVA Group Management and Certain Risk Functions in the United States)
(as amended or amended and restated from time to time, the &ldquo;<B>Share Remuneration Plan</B>&rdquo;) to provide for the registration
under the Securities Act of an additional 2,218,800 Ordinary Shares for purposes of awards of BBVA ADSs in connection with an incentive
program for selected U.S. managers and certain other identified U.S. personnel who are not EMT members but whose activities are
considered to have a material impact on the company&rsquo;s risk profile or who are engaged in certain control functions, pursuant
to the system of variable remuneration adopted by the Registrant&rsquo;s shareholders at its meeting held on March 11, 2011 (altogether,
the &ldquo;<B>Third Additional Shares</B>&rdquo;). Such 2,453,800 Third Additional Shares were registered by the Registrant on
a Registration Statement on Form S-8 on November 25, 2011 (Registration No. 333-178186) (the &ldquo;<B>Fourth Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On November 20, 2012, the Compensation
and Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the
Securities Act by 2,759,000 Ordinary Shares (the &ldquo;<B>Fourth Additional Shares</B>&rdquo;) for purposes of reserving (i) 2,459,000
of such Fourth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan, and (ii) 300,000 of such Fourth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 2,759,000 Fourth Additional Shares were registered by the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Registrant on a Registration Statement
on Form S-8 on December 18, 2012 (Registration No. 333-185538) (the &ldquo;<B>Fifth Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On September 18, 2013, the Compensation
and Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the
Securities Act by 1,311,397 Ordinary Shares (the &ldquo;<B>Fifth Additional Shares</B>&rdquo;) for purposes of reserving (i) 1,061,397
of such Fifth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan and (ii) 250,000 of such Fifth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 1,311,397 Fifth Additional Shares were registered by the Registrant
on a Registration Statement on Form S-8 on October 8, 2013 (Registration No. 333-191625) (the &ldquo;<B>Sixth Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On October 27, 2014, the Compensation and
Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the Securities
Act by 2,225,315 Ordinary Shares (the &ldquo;<B>Sixth Additional Shares</B>&rdquo;) for purposes of reserving (i) 1,975,315 of
such Sixth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan and (ii) 250,000 of such Sixth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 2,225,315 Sixth Additional Shares were registered by the Registrant
on a Registration Statement on Form S-8 on November 4, 2014 (Registration No. 333-199835) (the &ldquo;<B>Seventh Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On December 17, 2015, the Compensation
and Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the
Securities Act by 2,000,000 Ordinary Shares (the &ldquo;<B>Seventh Additional Shares</B>&rdquo;) for purposes of reserving 2,000,000
of such Seventh Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan. Such 2,000,000 Seventh Additional
Shares were registered by the Registrant on a Registration Statement on Form S-8 on December 23, 2015 (Registration No. 333-208728)
(the &ldquo;<B>Eighth Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On March 28, 2017, the Compensation and
Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the Securities
Act by 5,200,000 Ordinary Shares (the &ldquo;<B>Eighth Additional Shares</B>&rdquo;) for purposes of reserving (i) 4,950,000 of
such Eighth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan and (ii) 250,000 of such Eighth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 5,200,000 Eighth Additional Shares were registered by the Registrant
on a Registration Statement on Form S-8 on March 31, 2017 (Registration No. 333-217073) (the &ldquo;<B>Ninth Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On October 24, 2018, the Compensation and
Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the Securities
Act by 3,650,000 Ordinary Shares (the &ldquo;<B>Ninth Additional Shares</B>&rdquo;) for purposes of reserving (i) 3,400,000 of
such Ninth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan and (ii) 250,000 of such Ninth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 3,650,000 Ninth Additional Shares were registered by the Registrant
on a Registration Statement on Form S-8 on October 30, 2018 (Registration No. 333-228053) (the &ldquo;<B>Tenth Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On July 7, 2020, the Compensation and Benefits
Committee of the Board of Directors of BBVA US voted to amend and restate the Share Remuneration Plan and increase the amount of
Ordinary Shares registered under the Securities Act by 14,200,000 Ordinary Shares (the &ldquo;<B>Tenth Additional Shares</B>&rdquo;)
for purposes of reserving (i) 13,000,000 of such Tenth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan
and (ii) 1,200,000 of such Tenth Additional Shares for awards of BBVA ADSs under the Local Directors Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Following such increases, an aggregate
of 4,621,615 Ordinary Shares are reserved for awards of BBVA ADSs under the Restricted Share and Unit Plan, an aggregate of 31,064,512
Ordinary Shares are reserved for awards of BBVA ADSs under the Share Remuneration Plan, and an aggregate of 3,035,093 Ordinary
Shares are reserved for awards of BBVA ADSs under the Local Directors Plan (with respect to each such plan, including Ordinary
Shares awarded prior to the date of this Registration Statement). The Registrant is filing this Registration Statement (this &ldquo;<B>Registration
Statement</B>&rdquo;) pursuant to and in accordance with General Instruction E of Form S-8 to register such Tenth Additional Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; position: relative; top: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>PART II</U></B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Item 3. Incorporation of Documents by Reference.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Pursuant to General Instruction E of Form
S-8, the Registrant hereby incorporates by reference the First Registration Statement, the Second Registration Statement, the Third
Registration Statement, the Fourth Registration Statement, the Fifth Registration Statement, the Sixth Registration Statement,
the Seventh Registration Statement, the Eighth Registration Statement, the Ninth Registration Statement and the Tenth Registration
Statement, except as the same may be modified by the information set forth in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">The following documents filed with or furnished
to the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) by the Registrant are hereby incorporated by reference
in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/842180/000084218020000006/d20f2019.htm" STYLE="color: Blue">The Registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended December 31, 2019, as filed with the Commission on February 28, 2020 (File No. 001-10110) (the &ldquo;<B>2019 20-F</B>&rdquo;);</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/842180/000084218020000012/d6kjune2020.htm">The Registrant&rsquo;s report on Form 6-K furnished to the Commission on July 31, 2020, which includes the Registrant&rsquo;s unaudited, condensed interim consolidated financial statements for the six months ended June 30, 2020 (SEC Accession No. 0000842180-20-000012);</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), since December 31, 2019, the end of the fiscal year covered
by the 2019 20-F; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/842180/000084218020000006/d20f2019exhibits21.htm" STYLE="color: Blue">The description of the Registrant&rsquo;s Ordinary Shares and the description of the BBVA ADSs included under the captions &ldquo;Description of BBVA Ordinary Shares&rdquo; and &ldquo;Description of BBVA American Depositary Shares&rdquo;, respectively, included in Exhibit 2.1 to the 2019 20-F.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">All documents filed and, to the extent
indicated therein, furnished by the Registrant subsequent to the date of this Registration Statement pursuant to Sections 13(a),
13(c), 14 and 15(d), as applicable, of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
all securities offered hereby have been sold or which deregisters all such securities then remaining unsold, shall be deemed to
be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Any statement in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Item 8. Exhibits.</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 90%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">The following exhibits are filed with this
        Registration Statement:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><B><U>Exhibit No.</U> &#9;<U>Description</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.1</TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/842180/000084218018000006/d20f2017exhibits1.htm" STYLE="color: Blue">Amended and Restated Bylaws (Estatutos) of Banco Bilbao Vizcaya Argentaria, S.A. (English translation). (*)</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.2</TD><TD><A HREF="dp132809_ex0402.htm">Share Remuneration Plan for BBVA Defined Group in the United States.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.3</TD><TD><A HREF="dp132809_ex0403.htm">Form of Amendment Number Seven to the BBVA USA Bancshares, Inc. Local Directors Compensation and Business Development Plan.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.4</TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/842180/000101915507000132/ardepagmt2007drsbnybancobilb.htm" STYLE="color: Blue">Form of Amended and Restated Deposit Agreement (incorporated by reference to Exhibit 1 to registration statement on Form F-6 (File No. 333-142862)).</A></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0">5</P></TD><TD>The BBVA ADSs awarded to participants under the Share Remuneration Plan for BBVA Defined Group in the United States and the
BBVA USA Bancshares, Inc. Local Directors Compensation and Business Development Plan will be acquired in open market purchases
at prevailing market prices or in private transactions. Because such purchases do not involve the issuance by the Registrant of
any new Ordinary Shares and because such plans are not subject to the Employee Retirement Income Security Act of 1974 (ERISA),
an opinion of counsel is not included with this Registration Statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">23.1</TD><TD><A HREF="dp132809_ex2301.htm">Consent of KPMG Auditores, S.L.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">24</TD><TD STYLE="text-align: justify"><A HREF="#POA">Power of Attorney (included in signature page)</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(*) Incorporated by reference to Exhibit 1.1
of Banco Bilbao Vizcaya Argentaria, S.A.&rsquo;s 2019 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>SIGNATURES</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
Madrid on the 31th day of July, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>BANCO BILBAO VIZCAYA ARGENTARIA, S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 8%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 31%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 9%; position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Carlos Casas Moreno</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Carlos Casas Moreno&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Global Head of Talent &amp; Culture</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><A NAME="POA"></A><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KNOW ALL PERSONS BY THESE PRESENTS that each of the individuals
whose signature appears below (whether as a member of the Board of Directors or officer of Banco Bilbao Vizcaya Argentaria, S.A.,
or both, as authorized representative of Banco Bilbao Vizcaya Argentaria, S.A. or otherwise) constitutes and appoints Carlos Casas
Moreno, Francisco Javier Rodr&iacute;guez Soler and Diego Crasny Zyman, and each of them, his or her true and lawful attorneys-in-fact
and agents, with full and several power of substitution, for him or her in his or her name, place and stead, in any and all capacities,
to sign any and all amendments (including without limitation post-effective amendments) and supplements to this Registration Statement
on Form S-8, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully for all intents and purposes
as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents or any of them,
or their substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 25%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 17%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 33%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="width: 2%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 23%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Carlos Torres Vila</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Carlos Torres Vila&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Group Executive Chairman</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">July 31, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Onur Gen&ccedil;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Onur Gen&ccedil;&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">July 31 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Ra&uacute;l Galamba de Oliveira&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Jos&eacute; Miguel Andr&eacute;s Torrecillas</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jos&eacute; Miguel Andr&eacute;s
Torrecillas</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt"></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 25%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Jaime F&eacute;lix Caruana Lacorte</FONT></TD>
    <TD STYLE="width: 17%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 33%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 23%; position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jaime F&eacute;lix Caruana Lacorte&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Bel&eacute;n Garijo L&oacute;pez</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Bel&eacute;n Garijo L&oacute;pez&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Ana Revenga Shanklin&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Sunir Kumar Kapoor</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Sunir Kumar Kapoor&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt">&nbsp;&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Carlos Salazar Lomel&iacute;n&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Lourdes M&aacute;iz Carro</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Lourdes M&aacute;iz Carro&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Jos&eacute; Maldonado Ramos</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jos&eacute; Maldonado Ramos&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Ana Cristina Peralta Moreno</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Ana Cristina Peralta Moreno&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Juan Pi Llorens</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Juan Pi Llorens&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>


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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 25%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Susana Rodr&iacute;guez Vidarte</FONT></TD>
    <TD STYLE="width: 17%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 33%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 23%; position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Susana Rodr&iacute;guez Vidarte&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Jan Paul Marie Francis Verplancke</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jan Paul Marie Francis Verplancke</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Jaime S&aacute;enz de Tejada Pulido</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jaime S&aacute;enz de Tejada Pulido</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Chief Financial Officer&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Principal Accounting Officer&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Diego Crasny Zyman </FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Diego Crasny Zyman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Authorized Representative of Banco Bilbao Vizcaya Argentaria, S.A. in the United States</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
No.</U></B></FONT><B> &#9;<FONT STYLE="font-size: 10pt"><U>Description</U></FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.1</TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/842180/000084218018000006/d20f2017exhibits1.htm" STYLE="color: Blue">Amended and Restated Bylaws (Estatutos) of Banco Bilbao Vizcaya Argentaria, S.A. (English translation). (*)</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.2</TD><TD><A HREF="dp132809_ex0402.htm" STYLE="color: Blue">Share Remuneration Plan for BBVA Defined Group in the United States.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.3</TD><TD><A HREF="dp132809_ex0403.htm" STYLE="color: Blue">Form of Amendment Number Seven to the BBVA USA Bancshares, Inc. Local Directors Compensation and Business Development Plan.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.4</TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/842180/000101915507000132/ardepagmt2007drsbnybancobilb.htm" STYLE="color: Blue">Form of Amended and Restated Deposit Agreement (incorporated by reference to Exhibit 1 to registration statement on Form F-6 (File No. 333-142862)).</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5</TD><TD>The BBVA ADSs awarded to participants under the Share Remuneration Plan for BBVA Defined Group in the United States and the
BBVA USA Bancshares, Inc. Local Directors Compensation and Business Development Plan will be acquired in open market purchases
at prevailing market prices or in private transactions. Because such purchases do not involve the issuance by the Registrant of
any new Ordinary Shares and because such plans are not subject to the Employee Retirement Income Security Act of 1974 (ERISA),
an opinion of counsel is not included with this Registration Statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">23.1</TD><TD><A HREF="dp132809_ex2301.htm" STYLE="color: Blue">Consent of KPMG Auditores, S.L.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">24</TD><TD STYLE="text-align: justify"><A HREF="#POA" STYLE="color: Blue">Power of Attorney (included in signature page)</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">(*) Incorporated by reference to Exhibit
1.1 of Banco Bilbao Vizcaya Argentaria, S.A.&rsquo;s 2019 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>


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<TYPE>EX-4.2
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<DESCRIPTION>EXHIBIT 4.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Exhibit 4.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">SHARE REMUNERATION
PLAN FOR BBVA DEFINED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">GROUP IN THE UNITED
STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">As Amended and Restated
Effective July 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Preamble</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">This Share Remuneration
Plan for BBVA Defined Group in the United States (the &ldquo;Plan&rdquo;), formerly known as the Share Remuneration Plan for BBVA
Group Management and Certain Risk Functions in the United States, is to provide incentives to employees of Banco Bilbao Vizcaya
Argentaria, S.A., a bank organized and existing under the Laws of Spain (&ldquo;BBVA&rdquo;), or of its direct or indirect subsidiaries,
operating in the United States (including its territories) who are within the Defined Group (as defined below), in order for such
incentives to foster persistent value creation for BBVA and its subsidiaries forming part of its consolidated group (the &ldquo;BBVA
Group&rdquo;), and in order to align the interests of such officers and employees with sound risk management. Awards granted under
the Plan are intended to, and will, be consistent with the BBVA Group Remuneration Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">The Plan was previously
amended and restated effective as of March 28, 2017. The Plan is being further amended and restated effective as of July 7, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">SECTION 1. Definitions. For purposes of
the Plan, the following terms shall be defined as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Award&rdquo; means any Restricted Share Units granted under the Plan.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;Award Agreement&rdquo; means any written agreement, contract or other instrument or document evidencing an Award granted
under the Plan.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(c)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;BBVA ADS&rdquo; means an American Depositary Share representing one Share (which ratio may be changed from time to time)
as evidenced by one American Depositary Receipt. BBVA ADSs may be Restricted ADSs (as defined below), and all references herein
to BBVA ADSs shall include Restricted ADSs unless the context otherwise requires.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;BBVA Board&rdquo; means the board of directors of BBVA.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(e)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Committee&rdquo; means the Administrative Committee for this Plan, which shall consist of three or more directors or officers
of BBVA US or any affiliate of BBVA US or other individuals appointed by the BBVA US Board, or an appropriate committee of the
BBVA US Board.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(f)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;BBVA US&rdquo; means BBVA US Bancshares, Inc., a Texas corporation, and any successor entity thereto.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(g)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;BBVA US Board&rdquo; means the board of directors of BBVA US.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(h)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Defined Group&rdquo; means certain designated officers and/or employees of BBVA, or of any entity that is a direct or indirect
subsidiary of BBVA, operating in the United States (including its territories) whose activities are considered to have a material
impact on the BBVA Group&rsquo;s risk profile.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(i)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Participant&rdquo; means a member of the Defined Group designated to be granted an Award.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(j)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Restricted ADS&rdquo; means a BBVA ADS subject to certain restrictions that is released to a Participant pursuant to an
Award under this Plan and further described in Section 7 hereof.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(k)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;Restricted Share Units&rdquo; means an Award of a unit representing an obligation of BBVA US to deliver one BBVA ADS (which
may be a Restricted ADS) for each such unit granted to a Participant pursuant to and subject to the terms and conditions set forth
in this Plan and the Award Agreement.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(l)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Share&rdquo; means one ordinary share of BBVA with a nominal value of 49 euro cents.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(m)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Unit Restriction Period&rdquo; means the time period designated by the Committee in an Award Agreement with such period
starting on the date of the initial Award and ending on the date(s) specified by the Committee in the Award Agreement.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">SECTION 2. Administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee. Subject always to compliance with the BBVA Group Remuneration Policy, the Committee
shall have full and final authority in its discretion (A) to interpret the provisions of the Plan (and any Award Agreement) and
to decide all questions of fact arising in its application, (B) to designate Participants, (C) to determine the Participants to
whom Awards shall be made under the Plan, (D) to determine the amount, size, terms and conditions of each such Award, (E) to determine
and establish additional terms and conditions not inconsistent with the Plan for any Award granted to a Participant in connection
with the Plan, (F) to determine the time when Awards will be granted, (G) to adopt, alter and repeal such administrative rules,
guidelines and practices governing the Plan as it shall, from time to time, deem advisable and (H) to make all other determinations
necessary or advisable for the administration of the Plan.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding Section 2(a) above or anything else to the contrary in the Plan or any Award Agreement, except for Section 9(k)
hereof, BBVA shall have the sole authority to: (i) pursuant to the BBVA Group Remuneration Policy, set the relevant performance
indicators and determine performance achievement with respect to those indicators; (ii) establish and apply deferral schemes,
ex ante and ex post adjustments, retention periods and other rules applicable to Awards, as provided for in the BBVA Group Remuneration
Policy; (iii) determine and decide whether circumstances leading to forfeiture and/or clawback of Awards or BBVA ADSs transferred
in respect of Awards have occurred under the provisions of the BBVA Group Remuneration Policy, and any consequences thereof; (iv)
determine and decide whether the transfer or vesting of BBVA ADSs that are the subject of Restricted Share Units is sustainable
in light of the BBVA Group&rsquo;s situation as a whole, and justified based on the performance of BBVA, the relevant business
unit and the relevant Participant, as provided for in the BBVA Group Remuneration Policy; and (v) interpret the provisions of
the BBVA Group Remuneration Policy. In the event of a conflict between the provisions of the Plan or an Award Agreement and the
BBVA Group Remuneration Policy, the provisions of the BBVA Group Remuneration Policy (as determined in BBVA&rsquo;s sole discretion)
shall control.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A majority of the Committee shall constitute a quorum, and the action of a majority of members of the Committee present at any
meeting at which a quorum is present shall be the act of the Committee. The Committee may also act by unanimous written consent.
Any decision made, or action taken, by the Committee arising out of or in connection with the interpretation and administration
of the Plan shall be final, conclusive and nonappeallable.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither the Committee nor any member thereof shall be liable for any act, omission, interpretation, construction or determination
made in connection with the Plan in good faith, and the members of the Committee may be entitled to indemnification and reimbursement
by BBVA US in respect of any claim, loss, damage or expense (including attorneys&rsquo; fees) arising therefrom to the fullest
extent permitted by law and under any director&rsquo;s and officers&rsquo; liability insurance that may be in effect from time
to time. In addition, no member of the Committee and no director, officer or employee of BBVA US or its subsidiaries and affiliates
shall be liable for any act, or failure to act hereunder, by any other member or other director, officer or employee of BBVA US
or its subsidiaries and affiliates or by any agent to whom duties in connection with the administration of this Plan have been
delegated or for any act or failure to act by such member or such director, officer or employee, in all events except in circumstances
involving such member&rsquo;s or such director&rsquo;s, officer&rsquo;s or employee&rsquo;s bad faith, gross negligence, intentional
fraud or violation of a statute.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(e)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Committee may, in its sole discretion, delegate any of its powers to grant Awards under the Plan to any officer of BBVA US
deemed appropriate by the Committee; <I>provided</I>, however, that no officer to whom the</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">power to grant Awards
under the Plan has been delegated shall have the power to grant Awards under the Plan to himself or herself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">SECTION 3. Eligibility;
Participants. Any member of the Defined Group shall be eligible to be designated a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">SECTION 4. Awards
Under the Plan. Awards by the Committee under the Plan will be in the form of Restricted Share Units, provided that no Award shall
be made under the Plan unless such Award shall comply with all applicable laws, including without limitation, the Securities Act
of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the
requirements of any stock exchange upon which the Shares may then be listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">SECTION 5. BBVA ADSs
Subject to Plan. The total number of BBVA ADSs reserved and available for distribution under the Plan shall be 31,064,512 (including
BBVA ADSs awarded prior to the effective date of this amendment and restatement). Such BBVA ADSs shall consist of BBVA ADSs purchased
or to be purchased from time to time in open-market or in private transactions by or on behalf of BBVA US. In the event of any
change in the outstanding number of Shares of BBVA underlying the BBVA ADSs by reason of, a share split, recapitalization, merger,
consolidation, split-up, combination, exchange of shares or otherwise, or in the case of any change in the ratio of BBVA ADSs to
Shares, the BBVA US Board or the Committee shall act to ensure that the economic return that the Participants may receive on the
settlement of Awards will not be significantly distorted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">SECTION 6. Effective
Date. The effective date of this amendment and restatement shall be July 7, 2020. The plan was previously amended and restated
on March 28, 2017. The Plan&rsquo;s original effective date is November 15, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">SECTION 7. Restricted
ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Evidence of Restriction</I>. Each Restricted ADS shall be subject to such restrictions described in subsection (b) of this
Section 7 as may apply and will be evidenced in such manner as the Committee shall determine. If certificates representing Restricted
ADSs are registered in the name of a Participant, such certificates shall bear an appropriate legend referring to the terms, conditions
and restrictions applicable to such Restricted ADSs, and, unless otherwise determined by the Committee, BBVA US or its designee
shall retain physical possession of the certificate and the Participant shall deliver a stock power to BBVA US, endorsed in blank,
relating to the Restricted ADSs covered by such Award. Additionally, and without limiting any other manner in which the Committee
shall determine to evidence applicable restrictions associated with Restricted ADSs, if Restricted ADSs are released to Participants
by transfer of such shares to one or more accounts in the Participant&rsquo;s name that are maintained by an administrative agent
for the Plan, such account(s), or such shares held in the account(s), shall be subject to transaction or other limitations as
may be considered necessary to effectuate the restrictions associated with the Restricted ADSs.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Restrictions and Conditions</I>. Restricted ADSs released pursuant to an award under this Plan shall be subject to such restrictions
and conditions (including the time period during which the restrictions or conditions may apply) as the Committee may determine
and which restrictions and conditions shall be reflected in the applicable Award Agreement. It is anticipated that, in the case
of restrictions and conditions prohibiting the Participant&rsquo;s sale, transfer, pledge or assignment of the Restricted ADSs,
to the extent practicable, the Participant shall have, with respect to the Restricted ADSs, all of the rights of a holder of BBVA
ADSs as defined by the deposit agreement between The Bank of New York Mellon and BBVA, including the right to vote and to receive
any dividends.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">SECTION 8. Restricted
Share Unit Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#9;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<I>Awards</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Award of Restricted Share Units shall be evidenced by an Award Agreement in a form that is not inconsistent with the Plan
and the BBVA Group Remuneration Policy, and that the Committee may from time to time approve. The Committee may, but need not,
require as a condition of the effectiveness of an Award of Restricted Share Units that the Award be affirmatively accepted by
the Participant&rsquo;s executing an Award Agreement within a designated period (not to exceed ninety (90) days) after the award
date.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(ii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Awards granted under this amended and restated Plan shall be subject to the restrictions and conditions described below; <I>provided
</I>that any Awards that were granted prior to the effective date of this amendment and restatement shall be administered pursuant
to such restrictions and conditions as in effect under the Plan at the time the Award was granted.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#9;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<I>Restrictions
and Conditions</I>. The Restricted Share Units awarded pursuant to this Plan shall be subject to the following restrictions and
conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the provisions of this Plan and the Award Agreements, from the date of grant through the date on which the BBVA ADSs
(which may themselves be Restricted ADSs) subject to the Restricted Share Units are transferred to the Participant upon the expiration
of the Unit Restriction Period, the Participant shall not have any legal ownership or any other rights relating to the BBVA ADSs
that are the subject of the Restricted Share Units. The participant shall not be entitled to any dividend or have any voting rights
or any other rights as a shareholder of BBVA until and unless the BBVA ADSs that are the subject of the Restricted Share Units
are transferred to the Participant.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the expiration of the Unit Restriction Period, the BBVA ADSs (which may themselves be Restricted
ADSs) which are the subject of the Restricted Share Units shall be transferred to the Participant on March 1 of the year in which
such Unit Restriction Period expires.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the provisions of the Award Agreement and this Section 8, upon termination of employment
for any reason, other than Voluntary Termination, Retirement, Early Retirement, Disability, a Severance Plan Termination, in each
case as described below, or death, during the Unit Restriction Period, all Restricted Share Units which remain outstanding on
the date of such termination of employment shall be forfeited by the Participant, except as otherwise provided in the Award Agreement.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(iv)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything in this Plan or the terms and conditions of a Participant&rsquo;s applicable
Award Agreement to the contrary, in accordance with the BBVA Group Remuneration Policy and Sections 8(b)(v) and 8(b)(vi) below,
all of a Participant&rsquo;s unvested Restricted Share Units shall be subject to forfeiture, and any BBVA ADSs transferred to
a Participant pursuant to an Award may be clawed back, due to a downturn in the financial performance of BBVA as a whole, or of
a specific unit or area, or due to exposures generated by a Participant, when such downturn in financial performance arises from
any of the following circumstances (each, a &ldquo;Triggering Event&rdquo;):</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(1)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Misconduct, fraud, or serious infringement of the BBVA Group&rsquo;s Code of Conduct and other
applicable internal rules by the Participant;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(2)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulatory sanctions or judicial convictions due to events that could be attributed to a specific
unit or to the staff responsible for such events;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(3)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Significant failure of risk management committed by BBVA or by a business or risk control unit,
to which the willful misconduct or gross negligence of the Participant contributed;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(4)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restatement of BBVA&rsquo;s annual accounts, except where such restatement is due to a change in
applicable accounting standards or regulation.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(v)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To determine if any unvested Awards will be forfeited and if any BBVA ADSs transferred to a Participant
pursuant to an Award will be clawed back, BBVA will review the Participant&rsquo;s performance and/or behavior that may have contributed
to the Triggering Event. Both forfeiture and clawback will apply, as applicable, to Awards (and any BBVA ADSs transferred in respect
of such Awards) granted in respect of the financial year in which the Participant&rsquo;s performance and/or behavior that may
have contributed to the Triggering Event occurred.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(vi)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, in the event that a Triggering Event gives rise to a Participant&rsquo;s
termination of employment with the BBVA Group due to a material breach of duty, any unvested Restricted Share Units granted to
a Participant, whether or not granted in respect of the financial year in which the Triggering Event occurred, may be subject
to forfeiture.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(vii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any other provision of the Plan or of any Award Agreement to the contrary, any
BBVA ADSs that are the subject of Restricted Share Units will be transferred to a Participant or will vest only if such transfer
or vesting is sustainable in light of the BBVA Group&rsquo;s situation as a whole, and justified based on the performance of the
Bank, the relevant business unit and the relevant Participant.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#9;(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;The following
terms shall have the meanings provided hereafter:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(i) &ldquo;Retirement&rdquo; shall refer
to a Participant's voluntary termination of employment at any time after attaining age 65.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(ii) &ldquo;Early Retirement&rdquo; shall
refer to a Participant's voluntary termination of employment at any time after attaining age 55, provided that, at such time, the
Participant shall have been continuously employed by one or more employers within the BBVA Group of companies for at least ten
(10) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(iii) &ldquo;Disability&rdquo; shall exist
if BBVA US determines that the Participant is disabled as defined in the Compass SmartInvestor 401(k) Plan, or any successor plan,
as such plan may be amended from time to time, or according to such other reasonable standard that BBVA US may apply, in its sole
discretion. As an express condition of the applicability of this subparagraph (iii), the Participant must agree to cooperate with
BBVA US in determining whether the Participant is disabled, including without limitation providing documentation from health care
providers and submitting to medical examinations upon request by BBVA US.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">&#9;(iv) &ldquo;Severance
Plan Termination&rdquo; shall refer to a termination within the meaning of the Compass Severance Pay Plan (the &ldquo;Severance
Pay Plan&rdquo;), as the Severance Pay Plan may exist from time to time (including any amendment to, modification of, addition
to, deletion from, or replacement of the Severance Pay Plan), that results in eligibility for benefits under the Severance Pay
Plan. Notwithstanding anything to the contrary herein, this provision is not intended to, and does not, constitute a guarantee
or promise that the Severance Pay Plan (in its current or any future form) will be continued. For purposes of this Plan only, &ldquo;Severance
Plan Termination&rdquo; shall also refer to any mutual separation agreement which may be entered into by the Participant and the
BBVA Group employer, provided that such agreement expressly addresses the disposition of an Award under this Plan.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.4in">(v) &ldquo;Voluntary Termination&rdquo;
shall refer to a termination of employment not due to Retirement, Early Retirement, Disability or a Severance Plan Termination;
<I>provided</I>, however, to be eligible for Voluntary Termination, a Participant shall not have committed a material violation
of the BBVA Group&rsquo;s Code of Conduct or other policies or internal controls, as determined by BBVA US&rsquo;s senior Talent
&amp; Culture executive or designee in his or her sole and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">SECTION 9. General
Provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<I>Governmental or Other Regulations.</I> Each Award under the Plan shall be subject to the requirement that if, at any time,
the Committee shall determine that (i) the listing, registration or qualification of the BBVA ADSs subject or related thereto
upon any securities exchange or under any state, federal or foreign law, (ii) the consent or approval of any government regulatory
authority, or (iii) an agreement by the recipient of an Award with respect to the disposition of the BBVA ADSs, is necessary or
desirable as a condition of, or in connection with, the granting of such Award or the delivery of BBVA ADSs thereunder, such Award
may not be consummated in whole or in part unless such listing, registration, qualification, consent, approval or agreement shall
have been effected or obtained free of any conditions not acceptable to the Committee. As a condition to the grant of an Award
under the Plan, the Participant shall agree, and each such Participant shall be deemed to have agreed by virtue of his or her
acceptance of an Award or any benefit or value derived from an Award, to execute any documents, to make any representations, to
effect any restrictions on transferability and to take any action which in the good faith belief of the Committee is required
by any applicable law, ruling or regulation.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(b)
<I>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;No Additional Rights.</I> Nothing in the Plan, any Award, or in any agreement entered into pursuant to the Plan shall confer
upon any Participant the right to continue in the employment of BBVA, BBVA US or any of their affiliates or affect any right which
any of them may have to terminate the employment of the Participant.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <I>Withholding.</I> Whenever BBVA US is required to transfer BBVA ADSs under the Plan, BBVA
US or any subsidiary of BBVA US shall require the recipient to remit to BBVA US or such subsidiary an amount sufficient to satisfy
any foreign, federal, state or local withholding tax requirements prior to the transfer of such BBVA ADSs. Any Participant failing
to satisfy such withholding payments as administratively prescribed by BBVA US shall forfeit his or her Award.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <I>Non-Assignability.</I> Unless otherwise determined by the Committee and reflected in the
applicable Award Agreement, no Award under the Plan shall be assignable or transferable by a Participant except by will or by
the laws of descent and distribution. A transferee of an Award shall have only those rights that the Participant would have had
had the Award not been transferred. In addition, if the Committee allows an Award to be transferable or assignable, such Award
shall be subject to such additional terms and conditions as the Committee deems appropriate.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(e)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <I>Unfunded Status of Plan.</I> The Plan is intended to constitute an &ldquo;unfunded&rdquo;
plan for incentive compensation. Nothing set forth herein shall give any such Participant any rights that are greater than those
of a general creditor of BBVA US. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements
to meet the obligations created under the Plan to deliver BBVA ADSs with respect to Awards hereunder; provided, however, that
the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(f)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <I>Non-Uniform Determination.</I> The Committee&rsquo;s determinations under the Plan (including,
without limitation, determinations of the members of the Defined Group to receive Awards, the form, amount and timing of such
Awards, the terms and provisions of Awards and the Award Agreements) need not be uniform and may be made by it selectively among
members of the Defined Group who receive, or are eligible to receive, Awards under the Plan, whether or not such members of the
Defined Group are similarly situated.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(g)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <I>Amendment or Termination.</I> The Committee or the BBVA US Board may amend, modify, suspend
or terminate the Plan at any time. The termination or any modification, suspension or amendment of the Plan shall not adversely
affect a Participant&rsquo;s rights under an Award previously granted without the consent of such Participant. The Committee or
the BBVA US Board may amend the terms of any Award theretofore granted, prospectively or retroactively, but no such amendment
shall impair the rights of any Participant or permitted transferee without his or her consent, except and unless such prospective
or retroactive amendment is, in the good faith belief of the Committee, necessary to comply with any applicable state, federal
or foreign law, including without limitation any such law applicable to BBVA or BBVA US.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(h)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <I>No Restriction on Right of BBVA to Effect Corporate Changes.</I> Nothing in the Plan shall
affect the right or power of BBVA or BBVA US or their shareholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in BBVA&rsquo;s or BBVA US&rsquo;s capital structure or its business, or any merger or consolidation
of BBVA or BBVA US, or the dissolution or liquidation of BBVA or BBVA US, or any sale or transfer of all or any part of its assets
or business of BBVA or BBVA US, or any other act or proceeding, whether of a similar character or otherwise.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <I>Award Agreement.</I> The prospective recipient of an Award under the Plan shall execute
an Award Agreement evidencing the Award and deliver a fully executed copy thereof to BBVA US if the Committee determines to impose
such a requirement as a condition to the effectiveness of an Award.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(j)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <I>Construction of Plan.</I> The validity, interpretation, and administration of the Plan and
of any rules, regulations, determinations, or decisions made thereunder, and the rights of any and all members of the Defined
Group or Participants having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance
with the laws of the State of Alabama.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">(k)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9; <I>Section 409A of the Internal Revenue Code. </I>The Plan, any Award Agreement, and all Awards
granted hereunder are intended to comply, and to be operated in all respected in compliance with Section 409A of the Code (&ldquo;Section
409A&rdquo;) by requiring payment at a specified time as set forth in Regulation Section 1.409A-3(a)(4). All provisions of this
Plan and any Award Agreement or related document shall be interpreted or construed so as to meet the requirements of Section 409A
and no action, amendment or termination of the Plan, including any action taken by BBVA pursuant to Section 2(b) of the Plan,
shall be effective to the extent that it would cause the Plan, any Award Agreement, or any Award to violate the requirements of
Section 409A. The Committee shall have the discretion to</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">modify or amend any
provision of the Plan, any Award Agreement or any Award issued under the Plan, or any other agreement or arrangement contemplated
by the Plan that is found not to comply with the provisions of Section 409A if such modification or amendment is deemed to be reasonably
necessary to comply with Section 409A.<BR STYLE="clear: both">
</P>

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<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>dp132809_ex0403.htm
<DESCRIPTION>EXHIBIT 4.3
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Exhibit 4.3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">AMENDMENT NUMBER SEVEN&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">TO THE BBVA COMPASS
BANCSHARES, INC. LOCAL DIRECTORS COMPENSATION AND BUSINESS DEVELOPMENT PLAN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">AS ADOPTED JULY 7,
2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">The BBVA Compass Bancshares,
Inc. Local Directors Compensation and Business Development Plan, effective as of October 22, 2007, as amended by that certain Amendment
Number One to the Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan, dated November 23, 2009,
that certain Amendment Number Two to the Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan, dated
November 20, 2012, that certain Amendment Number Three to the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business
Development Plan, dated September 18, 2013, that certain Amendment Number Four to the BBVA Compass Bancshares, Inc. Local Directors
Compensation and Business Development Plan, dated October 27, 2014, that certain Amendment Number Five to the BBVA Compass Bancshares,
Inc. Local Directors Compensation and Business Development Plan, dated March 31, 2017, and that certain Amendment Number Six to
the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan, dated October 24, 2018 (together,
the &ldquo;Plan&rdquo;), is hereby further amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify; padding-right: 2.8pt">The Plan shall be re-named &ldquo;BBVA USA Bancshares, Inc. Local Directors
Compensation and Business Development Plan&rdquo;.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify; padding-right: 2.8pt">The second sentence of Section 4 is removed in its entirety, and in lieu
thereof, the following sentence is substituted in its place:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.95pt 0pt 0; text-indent: -0.1pt">&ldquo;The number of BBVA ADSs
that may be acquired by Participants pursuant to the Plan shall not exceed an aggregate of 3,035,093 subject to the adjustments
provided for in section 11.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.95pt 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>All other provisions of the Plan shall remain in full force and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>dp132809_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Exhibit 23.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><B>Consent of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">The Board of Directors&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Banco Bilbao Vizcaya Argentaria, S.A.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">We consent to the
use of our reports dated February 28, 2020, with respect to the consolidated balance sheets of Banco Bilbao Vizcaya Argentaria,
S.A. as of December 31, 2019, 2018 and 2017, the related consolidated statements of income, recognized income and expense, changes
in equity, and cash flows for the years then ended, and the related notes, and the effectiveness of internal control over financial
reporting as of December 31, 2019, which reports appear in the December 31, 2019 annual report on Form 20-F of Banco Bilbao Vizcaya
Argentaria, S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">Our report on the
consolidated financial statements refers to a change in accounting in 2018 for financial instruments due to the adoption of International
Financial Reporting Standard 9, Financial Instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">/s/ KPMG Auditores, S.L.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Madrid, Spain</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">July 31, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

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