<SEC-DOCUMENT>0000950103-21-008283.txt : 20210602
<SEC-HEADER>0000950103-21-008283.hdr.sgml : 20210602
<ACCEPTANCE-DATETIME>20210602110221
ACCESSION NUMBER:		0000950103-21-008283
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210602
DATE AS OF CHANGE:		20210602

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:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-240248
		FILM NUMBER:		21988096

	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>POS AM
<SEQUENCE>1
<FILENAME>dp152102_posam-240248.htm
<DESCRIPTION>FORM POS AM
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<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 June 2, 2021.</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: right; text-indent: -0.1pt">Registration No. 333-240248</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-228053</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-217073</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-208728</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-199835</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-191625</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-185538</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-178186</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-167389</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-163816</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Registration No. 333-149157</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"><FONT STYLE="font-size: 11pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-size: 11pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-size: 11pt"><B>Washington,
D.C. 20549</B></FONT></P>

<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">_____________________________</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>POST-EFFECTIVE
AMENDMENT No. 1 TO:</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>FORM S-8 REGISTRATION
STATEMENT No. 333-240248</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>FORM S-8 REGISTRATION
STATEMENT No. 333-228053</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>FORM S-8 REGISTRATION
STATEMENT No. 333-217073</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>FORM S-8 REGISTRATION
STATEMENT No. 333-208728</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>FORM S-8 REGISTRATION
STATEMENT No. 333-199835</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>FORM S-8 REGISTRATION
STATEMENT No. 333-191625</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>FORM S-8 REGISTRATION
STATEMENT No. 333-185538</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>FORM S-8 REGISTRATION
STATEMENT No. 333-178186</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>FORM S-8 REGISTRATION
STATEMENT No. 333-167389</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>FORM S-8 REGISTRATION
STATEMENT No. 333-163816</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>FORM S-8 REGISTRATION
STATEMENT No. 333-149157</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: 5pt 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">____________________________</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: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: center; text-indent: -0.15pt">&nbsp;</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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">____________________________</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: center; text-indent: -0.1pt"><B>Share Remuneration Plan
for BBVA Defined Group in the United States</B></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></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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">____________________________</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: center; text-indent: -0.1pt"><B>Diego Crasny Zyman</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.</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</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</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</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</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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">____________________________</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="1" 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 [X]</FONT></TD>
    <TD STYLE="width: 50%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Accelerated filer [&nbsp; ]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer [ &nbsp;]</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Smaller reporting company [ &nbsp;]</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 [ &nbsp;]</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">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. [ &nbsp;]</P>

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

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

<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">This Post-Effective Amendment No. 1 (the &ldquo;<B>Post-Effective
Amendment</B>&rdquo;), filed by Banco Bilbao Vizcaya Argentaria, S.A. (&ldquo;<B>BBVA</B>&rdquo; or the &ldquo;<B>Registrant</B>&rdquo;),
relates to the following Registration Statements on Form S-8 (collectively, the &ldquo;<B>Registration Statements</B>&rdquo;), previously
filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo; or the &ldquo;<B>Commission</B>&rdquo;) by BBVA:</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: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-149157, filed with the SEC on February 11, 2008, registering (i) 1,320,911 Ordinary
shares, nominal value &euro;0.49 per share, of BBVA (&ldquo;<B>Ordinary Shares</B>&rdquo;) for awards of American Depositary Shares representing
Ordinary Shares (&ldquo;<B>BBVA ADSs</B>&rdquo;) under 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 (ii) 385,093 Ordinary Shares were 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 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;);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-163816, filed with the SEC on December 18, 2009, registering (i) 1,692,916 Ordinary
Shares for awards of BBVA ADSs under the Restricted Share and Unit Plan, and (ii) 150,000 Ordinary Shares for awards of BBVA ADSs under
the Local Directors Plan; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-167389, filed with the SEC on June 8, 2010, registering 1,372,788 Ordinary Shares
for awards of BBVA ADSs under the Restricted Share and Unit Plan;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-178186, filed with the SEC on November 25, 2011, registering (i) 235,000 Ordinary
Shares for awards of BBVA ADSs under the Restricted Share and Unit Plan, and (ii) 2,218,800 Ordinary Shares for awards of BBVA ADSs under
the then newly-adopted 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;);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-185538, filed with the SEC on December 18, 2012, registering (i) 2,459,000 Ordinary
Shares for awards of BBVA ADSs under the Share Remuneration Plan, and (ii) 300,000 Ordinary Shares for awards of BBVA ADSs under the Local
Directors Plan;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-191625, filed with the SEC on October 8, 2013, registering (i) 1,061,397 Ordinary
Shares for awards of BBVA ADSs under the Share Remuneration Plan, and (ii) 250,000 Ordinary Shares for awards of BBVA ADSs under the Local
Directors Plan;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-199835, filed with the SEC on November 4, 2014, registering (i) 1,975,315 Ordinary
Shares for awards of BBVA ADSs under the Share Remuneration Plan, and (ii) 250,000 Ordinary Shares for awards of BBVA ADSs under the Local
Directors Plan;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-208728, filed with the SEC on December 23, 2015, registering 2,000,000 Ordinary
Shares for awards of BBVA ADSs under the Share Remuneration Plan;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-217073, filed with the SEC on March 31, 2017, registering (i) 4,950,000 Ordinary
Shares for awards of BBVA ADSs under the Share Remuneration Plan, and (ii) 250,000 Ordinary Shares for awards of BBVA ADSs under the Local
Directors Plan;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-228053, filed with the SEC on October 30, 2018, registering (i) 3,400,000 Ordinary
Shares for awards of BBVA ADSs under the Share Remuneration Plan, and (ii) 250,000 Ordinary Shares for awards of BBVA ADSs under the Local
Directors Plan; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Registration No. 333-149157, filed with the SEC on July 31, 2020, registering (i) 13,000,000 Ordinary
Shares for awards of BBVA ADSs under the Share Remuneration Plan, and (ii) 1,200,000 Ordinary Shares for awards of BBVA ADSs under the
Local Directors Plan.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">On November 15, 2020, BBVA reached an agreement
with The PNC Financial Services Group, Inc. for the sale of 100% of the share capital in its subsidiary BBVA USA Bancshares, Inc., which
in turn owns 100% of the share capital in BBVA USA, an Alabama-chartered bank, as well as other companies of the BBVA group in the United
States (the &ldquo;<B>BBVA USA Sale</B>&rdquo;). As a result of the BBVA USA Sale, the Registrant has terminated any and all offerings
of the Registrant&rsquo;s securities pursuant to the Registration Statements under the Local Directors Plan (the &ldquo;<B>Terminated
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">In accordance with undertakings made by the Registrant
in the Registration Statements to remove from registration, by means of a post-effective amendment, any securities that had been registered
that remain unsold at the termination of the offering, the Registrant hereby removes from registration all such securities of the Registrant
registered pursuant to the Registration Statements in connection with the Terminated Plan that remain unsold as of the date hereof.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#65279;</FONT>The
Share Remuneration Plan, as amended and restated effective May 25, 2021, will remain in full force and effect. Accordingly, this Post-Effective
Amendment does not deregister the securities registered in connection therewith.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"></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%; font-size: 12pt; position: relative; top: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>PART II</U></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="text-align: center; font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center; font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><B>Item 3. Incorporation of Documents by Reference.</B></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 SEC by the Registrant are hereby incorporated by reference in this Post-Effective Amendment:</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: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>The Registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended December 31, 2020, as filed with the SEC on February 26,
2021 (the &ldquo;<B>2020 20-F</B>&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: 17.9pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>The Registrant&rsquo;s report on Form 6-K furnished to the SEC on June 2, 2021 which includes the Registrant&rsquo;s recast consolidated
financial statements for the years ended December 31, 2020, 2019 and 2018, to give retrospective effect to certain changes in BBVA&rsquo;s
operating segments and certain related revised disclosures (SEC Accession No. 0000842180-21-000012);</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: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>The Registrant&rsquo;s report on Form 6-K furnished to the SEC on June 2, 2021 which includes the Registrant&rsquo;s unaudited condensed
interim consolidated financial statements as of and for the three months ended March 31, 2021 (SEC Accession No. 0001193125-21-179221);</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: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>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, 2020, the end of the fiscal year covered by the 2020 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: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>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 2020 20-F.</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 Post-Effective Amendment 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 Post-Effective Amendment 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 Post-Effective Amendment
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 Post-Effective Amendment.</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"><B>Item 4. Description of Securities.</B></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">Not applicable.</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"><B>Item 5. Interests of Named Experts and Counsel.
</B></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">Not applicable.</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"></P>

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<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"><B>Item 6. Indemnification of Directors and Officers.
</B></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"><I>Indemnification under BBVA&rsquo;s bylaws (estatutos)
and Spanish law</I></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">Under Spanish law, BBVA&rsquo;s current and former
directors will be liable to BBVA and the shareholders and the creditors of BBVA for any damage they cause through acts contrary to the
law or the bylaws, or acts carried out in breach of the duties inherent in the discharge of their office, as long as there has been willful
misconduct or negligence. No provision of BBVA&rsquo;s bylaws provides for the indemnification of the directors with respect to such liabilities.</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"><I>BBVA directors &amp; officers insurance </I></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">BBVA maintains an insurance policy that protects
its officers and directors from liabilities incurred as a result of actions taken in their official capacity associated with any civil,
criminal or administrative process.</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"><B>Item 7. Exemption from Registration Claimed.</B></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">Not applicable.</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"><B>Item 8. Exhibits.</B></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 exhibits are filed with this Post-Effective
Amendment:</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"><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" 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 HREF="https://www.sec.gov/Archives/edgar/data/842180/000084218018000006/d20f2017exhibits1.htm">4.1</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/842180/000084218018000006/d20f2017exhibits1.htm">Amended and Restated Bylaws (<I>Estatutos</I>) of Banco Bilbao Vizcaya Argentaria, S.A (incorporated
by reference to Exhibit 1.1 of Banco Bilbao Vizcaya Argentaria, S.A.&rsquo;s Annual Report on Form 20-F for the year ended December 31,
2017) (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"><A HREF="https://www.sec.gov/Archives/edgar/data/842180/000101915507000132/ardepagmt2007drsbnybancobilb.htm">4.2</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/842180/000101915507000132/ardepagmt2007drsbnybancobilb.htm">Form of Amended and Restated Deposit Agreement (incorporated by reference to Exhibit 1 of Banco Bilbao Vizcaya Argentaria, S.A.&rsquo;s
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 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 Post-Effective Amendment</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"><A HREF="dp152102_ex2301.htm">23.1</A></TD><TD><A HREF="dp152102_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"><A HREF="#poa">24</A></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>

<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 HREF="dp152102_ex9901.htm">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="dp152102_ex9901.htm">Share Remuneration Plan for BBVA Defined Group in the United States, as amended and restated effective
May 25, 2021</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-top: 0pt; margin-bottom: 0pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><B>Item 9. Undertakings.</B></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">(a) The undersigned Registrant hereby undertakes:</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 0pt 0.1pt; text-indent: -0.1pt">(1) to file, during any period in which
offers or sales are being made, a post-effective amendment to the registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: -0.1pt">(i) to include any prospectus required
by Section 10(a)(3) of the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: -0.1pt">(ii) to reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: -0.1pt">(iii) to include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: -0.1pt">provided, however, that paragraphs (a)(1)(i)
and (a)(1)(ii) shall not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that
are incorporated by reference in the registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: -0.1pt">(2) that, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: -0.1pt">(3) to remove from registration by means
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report
pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</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">(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</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"></P>

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

<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 Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in Madrid
on the 2nd day of June, 2021.</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: 55%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 5%; 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 </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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></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">&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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">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, 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 Post-Effective Amendment
and any and all amendments (including post-effective amendments) to the Registration Statements, 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 0pt 35.9pt; text-indent: 0pt">&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 Post-Effective
Amendment has been signed by the following persons in the capacities indicated as of June 2, 2021<I>. </I></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="width: 39%; font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 61%; font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD></TR>
  <TR>
    <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">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Carlos Torres Vila</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Carlos Torres Vila</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Group Executive Chairman</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Onur Gen&ccedil;</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Onur Gen&ccedil;</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Jos&eacute; Miguel Andr&eacute;s Torrecillas</U></P>
    <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="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Jaime F&eacute;lix Caruana Lacorte</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jaime F&eacute;lix Caruana Lacorte</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Ra&uacute;l Galamba de Oliveira </U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Ra&uacute;l Galamba de Oliveira</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Bel&eacute;n Garijo L&oacute;pez</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Bel&eacute;n Garijo L&oacute;pez</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Sunir Kumar Kapoor</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Sunir Kumar Kapoor</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Lourdes M&aacute;iz Carro</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Lourdes M&aacute;iz Carro</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Jos&eacute; Maldonado Ramos</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jos&eacute; Maldonado Ramos</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Ana Cristina Peralta Moreno</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Ana Cristina Peralta Moreno</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Juan Pi Llorens</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Juan Pi Llorens</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Ana Revenga Shanklin</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Ana Revenga Shanklin</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Susana Rodr&iacute;guez Vidarte</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Susana Rodr&iacute;guez Vidarte</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Carlos Salazar Lomel&iacute;n</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Carlos Salazar Lomel&iacute;n</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Jan Paul Marie Francis Verplancke</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jan Paul Marie Francis Verplancke</P></TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; position: relative; top: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Jaime S&aacute;enz de Tejada Pulido</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jaime S&aacute;enz de Tejada Pulido</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Principal Accounting Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt"><U>/s/ Diego Crasny Zyman</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Diego Crasny Zyman</P></TD>
    <TD STYLE="text-align: left; font-size: 12pt; position: relative; top: 0.5pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Authorized Representative of Banco Bilbao Vizcaya Argentaria, S.A. in the United States</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>dp152102_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the use of our report dated February 26, 2021, except
as to Note 6, which is as of June 2, 2021, with respect to the consolidated financial statements of Banco Bilbao Vizcaya Argentaria, S.A.,
included in the report on Form 6-K of Banco Bilbao Vizcaya Argentaria, S.A. filed with the Securities and Exchange Commission on June
2, 2021 (Accession No. 0000842180-21-000012)&nbsp;and to the use of our report dated February 26, 2021, with respect to the effectiveness of internal
control over financial reporting as of December 31, 2020, included in the annual report on Form 20-F of Banco Bilbao Vizcaya Argentaria,
S.A. for the year ended December 31, 2020 filed with the Securities and Exchange Commission on February 26, 2021, both incorporated herein
by reference.</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; 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">&nbsp;</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">June 2, 2021</P>

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



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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>dp152102_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: -0.1pt">Exhibit 99.1</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">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
May 25, 2021</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Preamble</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">This Share Remuneration Plan
for BBVA Defined Group in the United States (the &ldquo;<B>Plan</B>&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 certain officers and employees of Banco Bilbao
Vizcaya Argentaria, S.A., a bank organized and existing under the laws of Spain (&ldquo;<B>BBVA</B>&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;<B>BBVA
Group</B>&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 and July 7, 2020. The Plan is being further amended and restated effective as of May 25, 2021
(the &ldquo;<B>Restatement Date</B>&rdquo;).</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. <I>Definitions</I>. 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;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">&ldquo;<B>Award</B>&rdquo; means any Restricted Share Units
granted under the Plan.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">&ldquo;<B>Award Agreement</B>&rdquo; means any written agreement, contract or other instrument or document
evidencing an Award granted under the Plan.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">&ldquo;<B>BBVA ADS</B>&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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">&ldquo;<B>BBVA Board</B>&rdquo; means the board of directors of BBVA.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">&ldquo;<B>Committee</B>&rdquo; means the Administrative Committee for this Plan, which following the Restatement
Date shall consist of three or more authorized directors, officers or employees of BBVA or any affiliate of BBVA appointed by an appropriate
committee of the BBVA Board or a duly authorized officer of BBVA. The BBVA Board shall have the right to make changes to the composition
of the Committee at any time.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">&ldquo;<B>Defined Group</B>&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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">&ldquo;<B>Participant</B>&rdquo; means a member of the Defined Group designated to be granted an Award.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">&ldquo;<B>Restricted ADS</B>&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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">&ldquo;<B>Restricted Share Units</B>&rdquo; means an Award of a unit representing an obligation of BBVA
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.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">&ldquo;<B>Share</B>&rdquo; means one ordinary share of BBVA with a nominal value of 49 euro cents.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">&ldquo;<B>Unit Restriction Period</B>&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.</TD></TR></TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">SECTION 2. <I>Administration</I>.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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 to: (i) interpret the provisions of the Plan (and any Award
Agreement) and to decide all questions of fact arising in its application; (ii) designate Participants; (iii) determine the Participants
to whom Awards shall be made under the Plan; (iv) determine the amount, size, terms and conditions of each such Award; (v) determine and
establish additional terms and conditions not inconsistent with the Plan for any Award granted to a Participant in connection with the
Plan; (vi) determine the time when Awards will be granted; (vii) adopt, alter and repeal such administrative rules, guidelines and practices
governing the Plan as it shall, from time to time, deem advisable; and (viii) make all other determinations necessary or advisable for
the administration of the Plan.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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,
<I>ex ante</I> and <I>ex post</I> 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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">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 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 or any of its current or former 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
or any of its current or former 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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">The Committee may, in its sole discretion, delegate any of its powers to grant Awards under the Plan to
any officer of BBVA or any of its subsidiaries deemed appropriate by the Committee; <I>provided</I>, however, that no officer to whom
the power to grant Awards under the Plan has been delegated shall have the power to grant Awards under the Plan to himself or herself.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">SECTION
3. <I>Eligibility; Participants</I>. 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. <I>Awards Under
the Plan</I>. 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. <I>BBVA ADSs Subject
to Plan</I>. 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 Restatement Date). Such BBVA ADSs shall consist of BBVA ADSs purchased or to be purchased from time to time
in open-market or in private transactions. 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 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. <I>Effective Date</I>.
The effective date of this amendment and restatement shall be the Restatement Date. The Plan was previously amended and restated on March
28, 2017 and July 7, 2020. 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. <I>Restricted
ADSs.</I></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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><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 or its designee
shall retain physical possession of the certificate and the Participant shall deliver a stock power to BBVA, 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
securities 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 securities 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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><I>Restrictions and Conditions</I>. Restricted ADSs released to Participants 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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.1pt">SECTION 8. <I>Restricted
Share Unit Awards.</I></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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD><I>Awards</I>.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Any Awards granted under the Plan shall be subject to the restrictions and conditions described in subsection
(b) of this Section 8; <I>provided </I>that any Awards that were granted prior to the Restatement Date shall be administered pursuant
to such restrictions and conditions as in effect under the Plan at the time the Award was granted.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD><I>Restrictions and Conditions</I>. The Restricted Share Units
awarded pursuant to this Plan shall be subject to the following restrictions and conditions:</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">Subject to the provisions of the applicable Award Agreement and this Section 8, upon termination of employment
for any reason, other than Voluntary Termination, Retirement, Early Retirement, Disability, a Mutual Separation, 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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">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;<B>Triggering Event</B>&rdquo;):</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Misconduct, fraud, or serious infringement of the BBVA Group&rsquo;s Code of Conduct and other applicable
internal rules by the Participant;</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Regulatory sanctions or judicial convictions due to events that could be attributed to a specific unit
or to the staff responsible for such events;</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">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;</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Restatement of BBVA&rsquo;s annual accounts, except where such restatement is due to a change in applicable
accounting standards or regulation.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(vi)</TD><TD STYLE="text-align: justify">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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(vii)</TD><TD STYLE="text-align: justify">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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD>The following terms shall have the meanings provided hereafter:</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD>&ldquo;<B>Retirement</B>&rdquo; shall refer to a Participant's
voluntary termination of employment at any time after attaining age 65.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Early Retirement</B>&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.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Disability</B>&rdquo; shall exist if BBVA determines
that the Participant is disabled as defined in the BBVA, S.A. New York Branch 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 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 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.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">&ldquo;<B>Mutual Separation</B>&rdquo; shall refer to a termination
by 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.</TD>
</TR></TABLE>

<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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(v)</TD><TD STYLE="text-align: justify">&ldquo;<B>Voluntary Termination</B>&rdquo; shall refer to a
termination of employment not due to Retirement, Early Retirement, Disability or Mutual Separation; <I>provided</I>, however, that 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&rsquo;s senior Talent &amp; Culture executive or designee in his
or her sole and absolute discretion.</TD>
</TR></TABLE>

<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: 0in">SECTION
9. <I>General Provisions.</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><I>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 or any of its subsidiaries or affiliates
or affect any right which any of them may have to terminate the employment of the Participant.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><I>Withholding.</I> Whenever BBVA is required to transfer BBVA ADSs under the Plan, BBVA or any subsidiary
of BBVA shall require the recipient to remit to BBVA 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 shall forfeit his or her Award.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><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. 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; <I>provided</I>, however, that the existence of such trusts or other
arrangements is consistent with the unfunded status of the Plan.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><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.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify"><I>Amendment or Termination.</I> The Committee or the BBVA 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 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 or the BBVA Board, necessary to comply with any applicable state, federal or foreign law, including without limitation
any such law applicable to BBVA or any of its subsidiaries.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify"><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 its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes
in BBVA&rsquo;s capital structure or its business, or any merger or consolidation of BBVA, or the dissolution or liquidation of BBVA,
or any sale or transfer of all or any part of its assets or business of BBVA, or any other act or proceeding, whether of a similar character
or otherwise.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify"><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 if the Committee determines to impose such a requirement as a condition
to the effectiveness of an Award.</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify"><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 (i) in respect of any
Awards granted prior to the Restatement Date, the laws of the State of Alabama, and (ii) in respect of any Awards granted or to be granted
on or after the Restatement Date, the laws of the State of New York.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify"><I>Sections 409A and 457A of the Internal Revenue Code. </I>The Plan, any Award Agreement and all Awards
granted hereunder are intended to be exempt from or to comply and to be operated in all respected in compliance with Section 409A of the
Code (&ldquo;Section 409A&rdquo;) . If, following the date hereof, the Awards under the Plan become subject to Section 457A of the Code
(&ldquo;<B>Section 457A</B>&rdquo;) as a result of BBVA or any successor that assumes the obligations under the Plan being a &ldquo;nonqualified
entity&rdquo; (as defined in Section 457A), the Awards will be administered in compliance with Section 457A. All provisions of this Plan
and any Award Agreement or related document shall be administered, interpreted and construed in a manner consistent with the requirements
of Section 409A and, to the extent applicable, Section 457A, 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 or, to the extent applicable, Section 457A. The Committee shall have the discretion
to 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, or otherwise be exempt from, the provisions of Section 409A or, to the extent
applicable, Section 457A if such modification or amendment is deemed to be reasonably necessary to comply with, or to effectuate an exemption
from, Section 409A or, to the extent applicable, Section 457A, as the case may be, provided that such modification is not materially prejudicial
to BBVA and the affected Participant.</TD></TR></TABLE>

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