Banco GNB Paraguay S.A. agreed to acquire Banco Bilbao Vizcaya Argentaria Paraguay Sociedad Anónima from Banco Bilbao Vizcaya Argentaria Paraguay Sociedad Anónima (BME:BBVA) for approximately €240 million on August 7, 2019. The consideration is subject to the regular adjustments for these kind of transactions between the signing and closing dates of the transaction. The closing of the transaction is subject to approval from regulatory authorities and is expected for the last quarter of 2019. The transaction is expected to have a positive impact of about 5 basis points in the fully loaded CET1 capital ratio. Once the integration of both financial institutions takes place, the Banco GNB Paraguay S.A. will become the first bank in Paraguay in terms of deposits, with total assets of about €2.9 billion and 16.7% market share, with data from the close of the first half. As of February 28, 2020, the transaction is expected to close during the first quarter of 2020. It is expected that the transaction would result in a capital gain, net of taxes of approximately €40 million and in a positive impact on the BBVA Group’s common equity tier 1 of approximately 6 basis points. Rothschild & Co acted as financial advisor to Banco Bilbao Vizcaya Argentaria. Carlos Martinez and Antonio Piccirillo of Proskauer Rose LLP acted as legal advisors to Banco GNB Paraguay S.A. Chantal Kordula, Daniel Ilan, Corey Goodman, James Corsiglia and Jane Rosen of Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Banco Bilbao Vizcaya Argentaria, S.A. Banco GNB Paraguay S.A. completed the acquisition of Banco Bilbao Vizcaya Argentaria Paraguay Sociedad Anónima from Banco Bilbao Vizcaya Argentaria Paraguay Sociedad Anónima (BME:BBVA) on January 22, 2021. Consideration received by Banco Bilbao Vizcaya amounts to approximately $250 million.