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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.1pt">As filed with the
Securities and Exchange Commission on July 31, 2020.&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Large accelerated filer &#9746;</FONT></TD>
    <TD STYLE="width: 50%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Accelerated filer &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer &#9744;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Smaller reporting company &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Emerging growth company &#9744;</FONT></TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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


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

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


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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 25%; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Susana Rodr&iacute;guez Vidarte</FONT></TD>
    <TD STYLE="width: 17%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 33%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 23%; position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Susana Rodr&iacute;guez Vidarte&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Jan Paul Marie Francis Verplancke</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jan Paul Marie Francis Verplancke</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Jaime S&aacute;enz de Tejada Pulido</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Jaime S&aacute;enz de Tejada Pulido</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Chief Financial Officer&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Principal Accounting Officer&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">/s/ Diego Crasny Zyman </FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">Diego Crasny Zyman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;</P></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD STYLE="position: relative; top: 0.5pt"><FONT STYLE="font-size: 10pt">Authorized Representative of Banco Bilbao Vizcaya Argentaria, S.A. in the United States</FONT></TD>
    <TD STYLE="position: relative; top: 0.5pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">July 31, 2020&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.1pt">&nbsp;&nbsp;</P>

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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[{"type": "S-8", "sequence": "1", "filename": "dp132809_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 79713}]
{"company-data": {"conformed-name": "BANCO BILBAO VIZCAYA ARGENTARIA, S.A.", "cik": "0000842180", "assigned-sic": "6029", "irs-number": "000000000", "state-of-incorporation": "U3", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-240248", "film-number": "201065858"}, "business-address": {"street1": "CALLE AZUL 4", "city": "MADRID", "state": "U3", "zip": "28050", "phone": "011 34 91 537 8172"}, "mail-address": {"street1": "CALLE AZUL 4", "city": "MADRID", "state": "U3", "zip": "28050"}, "former-company": [{"former-conformed-name": "BANCO BILBAO VIZCAYA ARGENTARIA S A", "date-changed": "20000505"}, {"former-conformed-name": "BANCO BILBAO VIZCAYA S A", "date-changed": "19991103"}]}
As filed with the
Securities and Exchange Commission on July 31, 2020.
Registration No. 333-_________
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM
S-8
REGISTRATION
STATEMENT
UNDER THE SECURITIES
ACT OF 1933
BANCO
BILBAO VIZCAYA ARGENTARIA, S.A.
(Exact name of registrant
as specified in its charter)
Kingdom of Spain
13-3491492
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
Calle Azul,
4
28050 Madrid
Spain
(Address of
Principal Executive Offices) (Zip Code)
Share Remuneration
Plan for BBVA Defined Group in the United States
BBVA USA Bancshares,
Inc. Local Directors Compensation and Business Development Plan
(Full title of plans)
Diego Crasny Zyman
Banco Bilbao Vizcaya
Argentaria, S.A.
New York Branch
1345 Avenue of
the Americas, 45th Fl
New York, NY 10105
(Name and address of
agent for service)
(212) 728-1660
(Telephone number,
including area code, of agent for service)
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 "large accelerated filer," "accelerated filer," "smaller reporting
company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
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. ☐
____________________________
CALCULATION OF REGISTRATION
FEE
Title of Securities to be registered (1)
Amount to be registered (2)
Proposed maximum offering price per share (3)
Proposed maximum aggregate offering price (3)
Amount of registration fee
Ordinary shares, nominal value €0.49 per share ("
Ordinary Shares
")
14,200,000
shares
$
3.39
$
48,138,000
$
6,248.31
(1)
American Depositary Shares, evidenced
by American Depositary Receipts, issuable upon deposit of the Ordinary Shares registered hereby (the "
BBVA ADS
"),
have been registered under separate registration statements on Form F-6 (Registration No. 333-11920, 333-142862 and 333-227541).
Each BBVA ADS represents one Ordinary Share.
(2)
Represents 13,000,000 Ordinary
Shares reserved for awards of BBVA ADSs under the Share Remuneration Plan for BBVA Defined Group in the United States (formerly
entitled the Share Remuneration Plan for BBVA Group Management and Certain Risk Functions in the United States) and 1,200,000
Ordinary Shares reserved for awards of BBVA ADSs under the BBVA USA Bancshares, Inc. Local Directors Compensation and Business
Development Plan (formerly entitled the BBVA Compass Bancshares, Inc. Local Directors Compensation and Business Development Plan).
The BBVA ADSs to be awarded under such plans will be acquired in open market purchases or in private transactions. In addition,
in accordance with Rule 416 under the Securities Act of 1933, as amended (the "
Securities Act
"), this Registration
Statement shall be deemed to include such additional Ordinary Shares as may be offered to prevent dilution resulting from stock
splits, stock dividends or similar transactions pursuant to the provisions of the plans covered hereby.
(3)
Pursuant to Rule 457(h)(1) and Rule 457(c) under
the Securities Act, the proposed maximum offering price per share and the proposed maximum aggregate offering price are estimated
solely for the purpose of calculating the registration fee and are based on the average of the high and low prices of BBVA ADSs
on the New York Stock Exchange on July 29, 2020.
EXPLANATORY NOTE
Banco Bilbao Vizcaya Argentaria, S.A. (the
"
Registrant
") filed a Registration Statement on Form S-8 on February 11, 2008 (Registration No. 333-149157)
(the "
First Registration Statement
") to register under the Securities Act, 1,706,004 Ordinary Shares, of which
1,320,911 of such Ordinary Shares were reserved for awards of BBVA ADSs pursuant to the Amended and Restated Restricted Share and
Unit Plan of BBVA USA Bancshares, Inc. (formerly entitled the Amended and Restated Restricted Share and Unit Plan of BBVA Compass
Bancshares, Inc. and, prior thereto, the 2007 Restricted Share and Unit Plan for Employees of Compass Bancshares, Inc. and its
Subsidiaries) (as amended or amended and restated from time to time, the "
Restricted Share and Unit Plan
") and
385,093 of such Ordinary Shares were reserved for awards of BBVA ADSs pursuant to the BBVA USA Bancshares, Inc. Local Directors
Compensation and Business Development Plan (formerly entitled the BBVA Compass Bancshares, Inc. Local Directors Compensation and
Business Development Plan and, prior thereto, the Compass Bancshares, Inc. Local Directors Compensation and Business Development
Plan) (as amended or amended and restated from time to time, the "
Local Directors Plan
").
On November 23, 2009, the Compensation
Committee of the Board of Directors of BBVA USA Bancshares, Inc. (formerly known as BBVA Compass Bancshares, Inc. and, prior thereto,
as Compass Bancshares, Inc.) ("
BBVA US
") voted (i) to revise the Restricted Share and Unit Plan to provide that
certain additional U.S. employees and officers of the Registrant and its subsidiaries may participate in awards thereunder and
(ii) to increase the amount of Ordinary Shares registered under the Securities Act by 1,842,916 Ordinary Shares (the "
First
Additional Shares
") for purposes of reserving (A) 1,692,916 First Additional Shares for awards of BBVA ADSs in connection
with three incentive programs to be made under the Restricted Share and Unit Plan and (B) 150,000 First Additional Shares for awards
of BBVA ADSs under the Local Directors Plan. Such 1,842,916 First Additional Shares were registered by the Registrant on a Registration
Statement on Form S-8 on December 18, 2009 (Registration No. 333-163816) (the "
Second Registration Statement
").
On May 20, 2010, the Compensation and Benefits
Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the Securities
Act by 1,372,788 Ordinary Shares (the "
Second Additional Shares
") for purposes of reserving all of such Second
Additional Shares for awards of BBVA ADSs in connection with three incentive programs to be made under the Restricted Share and
Unit Plan. Such 1,372,788 Second Additional Shares were registered by the Registrant on a Registration Statement on Form S-8 on
June 8, 2010 (Registration No. 333-167389) (the "
Third Registration Statement
").
On November 15, 2011, the Compensation
and Benefits Committee of the Board of Directors of BBVA US voted (i) to adopt amendments to the Restricted Share and Unit Plan
to provide for the registration under the Securities Act of an additional 235,000 Ordinary Shares for purposes of awards of BBVA
ADSs in connection with an incentive program primarily for selected U.S. non-executive management employees and officers of the
Registrant or its direct or indirect subsidiaries and (ii) to adopt the Share Remuneration Plan for BBVA Defined Group in the United
States (formerly entitled the Share Remuneration Plan for BBVA Group Management and Certain Risk Functions in the United States)
(as amended or amended and restated from time to time, the "
Share Remuneration Plan
") to provide for the registration
under the Securities Act of an additional 2,218,800 Ordinary Shares for purposes of awards of BBVA ADSs in connection with an incentive
program for selected U.S. managers and certain other identified U.S. personnel who are not EMT members but whose activities are
considered to have a material impact on the company's risk profile or who are engaged in certain control functions, pursuant
to the system of variable remuneration adopted by the Registrant's shareholders at its meeting held on March 11, 2011 (altogether,
the "
Third Additional Shares
"). Such 2,453,800 Third Additional Shares were registered by the Registrant on
a Registration Statement on Form S-8 on November 25, 2011 (Registration No. 333-178186) (the "
Fourth Registration Statement
").
On November 20, 2012, the Compensation
and Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the
Securities Act by 2,759,000 Ordinary Shares (the "
Fourth Additional Shares
") for purposes of reserving (i) 2,459,000
of such Fourth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan, and (ii) 300,000 of such Fourth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 2,759,000 Fourth Additional Shares were registered by the
Registrant on a Registration Statement
on Form S-8 on December 18, 2012 (Registration No. 333-185538) (the "
Fifth Registration Statement
").
On September 18, 2013, the Compensation
and Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the
Securities Act by 1,311,397 Ordinary Shares (the "
Fifth Additional Shares
") for purposes of reserving (i) 1,061,397
of such Fifth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan and (ii) 250,000 of such Fifth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 1,311,397 Fifth Additional Shares were registered by the Registrant
on a Registration Statement on Form S-8 on October 8, 2013 (Registration No. 333-191625) (the "
Sixth Registration Statement
").
On October 27, 2014, the Compensation and
Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the Securities
Act by 2,225,315 Ordinary Shares (the "
Sixth Additional Shares
") for purposes of reserving (i) 1,975,315 of
such Sixth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan and (ii) 250,000 of such Sixth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 2,225,315 Sixth Additional Shares were registered by the Registrant
on a Registration Statement on Form S-8 on November 4, 2014 (Registration No. 333-199835) (the "
Seventh Registration Statement
").
On December 17, 2015, the Compensation
and Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the
Securities Act by 2,000,000 Ordinary Shares (the "
Seventh Additional Shares
") for purposes of reserving 2,000,000
of such Seventh Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan. Such 2,000,000 Seventh Additional
Shares were registered by the Registrant on a Registration Statement on Form S-8 on December 23, 2015 (Registration No. 333-208728)
(the "
Eighth Registration Statement
").
On March 28, 2017, the Compensation and
Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the Securities
Act by 5,200,000 Ordinary Shares (the "
Eighth Additional Shares
") for purposes of reserving (i) 4,950,000 of
such Eighth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan and (ii) 250,000 of such Eighth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 5,200,000 Eighth Additional Shares were registered by the Registrant
on a Registration Statement on Form S-8 on March 31, 2017 (Registration No. 333-217073) (the "
Ninth Registration Statement
").
On October 24, 2018, the Compensation and
Benefits Committee of the Board of Directors of BBVA US voted to increase the amount of Ordinary Shares registered under the Securities
Act by 3,650,000 Ordinary Shares (the "
Ninth Additional Shares
") for purposes of reserving (i) 3,400,000 of
such Ninth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan and (ii) 250,000 of such Ninth Additional
Shares for awards of BBVA ADSs under the Local Directors Plan. Such 3,650,000 Ninth Additional Shares were registered by the Registrant
on a Registration Statement on Form S-8 on October 30, 2018 (Registration No. 333-228053) (the "
Tenth Registration Statement
").
On July 7, 2020, the Compensation and Benefits
Committee of the Board of Directors of BBVA US voted to amend and restate the Share Remuneration Plan and increase the amount of
Ordinary Shares registered under the Securities Act by 14,200,000 Ordinary Shares (the "
Tenth Additional Shares
")
for purposes of reserving (i) 13,000,000 of such Tenth Additional Shares for awards of BBVA ADSs under the Share Remuneration Plan
and (ii) 1,200,000 of such Tenth Additional Shares for awards of BBVA ADSs under the Local Directors Plan.
Following such increases, an aggregate
of 4,621,615 Ordinary Shares are reserved for awards of BBVA ADSs under the Restricted Share and Unit Plan, an aggregate of 31,064,512
Ordinary Shares are reserved for awards of BBVA ADSs under the Share Remuneration Plan, and an aggregate of 3,035,093 Ordinary
Shares are reserved for awards of BBVA ADSs under the Local Directors Plan (with respect to each such plan, including Ordinary
Shares awarded prior to the date of this Registration Statement). The Registrant is filing this Registration Statement (this "
Registration
Statement
") pursuant to and in accordance with General Instruction E of Form S-8 to register such Tenth Additional Shares.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Pursuant to General Instruction E of Form
S-8, the Registrant hereby incorporates by reference the First Registration Statement, the Second Registration Statement, the Third
Registration Statement, the Fourth Registration Statement, the Fifth Registration Statement, the Sixth Registration Statement,
the Seventh Registration Statement, the Eighth Registration Statement, the Ninth Registration Statement and the Tenth Registration
Statement, except as the same may be modified by the information set forth in this Registration Statement.
The following documents filed with or furnished
to the Securities and Exchange Commission (the "
Commission
") by the Registrant are hereby incorporated by reference
in this Registration Statement:
(a)
The Registrant's Annual Report on Form 20-F for the fiscal year ended December 31, 2019, as filed with the Commission on February 28, 2020 (File No. 001-10110) (the "
2019 20-F
");
(b)
The Registrant's report on Form 6-K furnished to the Commission on July 31, 2020, which includes the Registrant's unaudited, condensed interim consolidated financial statements for the six months ended June 30, 2020 (SEC Accession No. 0000842180-20-000012);
(c)
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 "
Exchange Act
"), since December 31, 2019, the end of the fiscal year covered
by the 2019 20-F; and
(d)
The description of the Registrant's Ordinary Shares and the description of the BBVA ADSs included under the captions "Description of BBVA Ordinary Shares" and "Description of BBVA American Depositary Shares", respectively, included in Exhibit 2.1 to the 2019 20-F.
All documents filed and, to the extent
indicated therein, furnished by the Registrant subsequent to the date of this Registration Statement pursuant to Sections 13(a),
13(c), 14 and 15(d), as applicable, of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
all securities offered hereby have been sold or which deregisters all such securities then remaining unsold, shall be deemed to
be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.
Any statement in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 8. Exhibits.
The following exhibits are filed with this
        Registration Statement:
Exhibit No.
Description
4.1
Amended and Restated Bylaws (Estatutos) of Banco Bilbao Vizcaya Argentaria, S.A. (English translation). (*)
4.2
Share Remuneration Plan for BBVA Defined Group in the United States.
4.3
Form of Amendment Number Seven to the BBVA USA Bancshares, Inc. Local Directors Compensation and Business Development Plan.
4.4
Form of Amended and Restated Deposit Agreement (incorporated by reference to Exhibit 1 to registration statement on Form F-6 (File No. 333-142862)).
5
The BBVA ADSs awarded to participants under the Share Remuneration Plan for BBVA Defined Group in the United States and the
BBVA USA Bancshares, Inc. Local Directors Compensation and Business Development Plan will be acquired in open market purchases
at prevailing market prices or in private transactions. Because such purchases do not involve the issuance by the Registrant of
any new Ordinary Shares and because such plans are not subject to the Employee Retirement Income Security Act of 1974 (ERISA),
an opinion of counsel is not included with this Registration Statement.
23.1
Consent of KPMG Auditores, S.L.
24
Power of Attorney (included in signature page)
(*) Incorporated by reference to Exhibit 1.1
of Banco Bilbao Vizcaya Argentaria, S.A.'s 2019 20-F.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
Madrid on the 31th day of July, 2020.
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
By:
/s/ Carlos Casas Moreno
Name:
Carlos Casas Moreno
Title:
Global Head of Talent & Culture
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS that each of the individuals
whose signature appears below (whether as a member of the Board of Directors or officer of Banco Bilbao Vizcaya Argentaria, S.A.,
or both, as authorized representative of Banco Bilbao Vizcaya Argentaria, S.A. or otherwise) constitutes and appoints Carlos Casas
Moreno, Francisco Javier Rodríguez Soler and Diego Crasny Zyman, and each of them, his or her true and lawful attorneys-in-fact
and agents, with full and several power of substitution, for him or her in his or her name, place and stead, in any and all capacities,
to sign any and all amendments (including without limitation post-effective amendments) and supplements to this Registration Statement
on Form S-8, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully for all intents and purposes
as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents or any of them,
or their substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Name
Position
Date
/s/ Carlos Torres Vila
Carlos Torres Vila
Group Executive Chairman
July 31, 2020
/s/ Onur Genç
Onur Genç
Chief Executive Officer
July 31 2020
Raúl Galamba de Oliveira
Director
/s/ José Miguel Andrés Torrecillas
José Miguel Andrés
Torrecillas
Director
July 31, 2020
/s/ Jaime Félix Caruana Lacorte
Jaime Félix Caruana Lacorte
Director
July 31, 2020
/s/ Belén Garijo López
Belén Garijo López
Director
July 31, 2020
Ana Revenga Shanklin
Director
/s/ Sunir Kumar Kapoor
Sunir Kumar Kapoor
Director
July 31, 2020
Carlos Salazar Lomelín
Director
/s/ Lourdes Máiz Carro
Lourdes Máiz Carro
Director
July 31, 2020
/s/ José Maldonado Ramos
José Maldonado Ramos
Director
July 31, 2020
/s/ Ana Cristina Peralta Moreno
Ana Cristina Peralta Moreno
Director
July 31, 2020
/s/ Juan Pi Llorens
Juan Pi Llorens
Director
July 31, 2020
/s/ Susana Rodríguez Vidarte
Susana Rodríguez Vidarte
Director
July 31, 2020
/s/ Jan Paul Marie Francis Verplancke
Jan Paul Marie Francis Verplancke
Director
July 31, 2020
/s/ Jaime Sáenz de Tejada Pulido
Jaime Sáenz de Tejada Pulido
Chief Financial Officer
Principal Accounting Officer
July 31, 2020
/s/ Diego Crasny Zyman
Diego Crasny Zyman
Authorized Representative of Banco Bilbao Vizcaya Argentaria, S.A. in the United States
July 31, 2020
EXHIBIT INDEX
Exhibit
No.
Description
4.1
Amended and Restated Bylaws (Estatutos) of Banco Bilbao Vizcaya Argentaria, S.A. (English translation). (*)
4.2
Share Remuneration Plan for BBVA Defined Group in the United States.
4.3
Form of Amendment Number Seven to the BBVA USA Bancshares, Inc. Local Directors Compensation and Business Development Plan.
4.4
Form of Amended and Restated Deposit Agreement (incorporated by reference to Exhibit 1 to registration statement on Form F-6 (File No. 333-142862)).
5
The BBVA ADSs awarded to participants under the Share Remuneration Plan for BBVA Defined Group in the United States and the
BBVA USA Bancshares, Inc. Local Directors Compensation and Business Development Plan will be acquired in open market purchases
at prevailing market prices or in private transactions. Because such purchases do not involve the issuance by the Registrant of
any new Ordinary Shares and because such plans are not subject to the Employee Retirement Income Security Act of 1974 (ERISA),
an opinion of counsel is not included with this Registration Statement.
23.1
Consent of KPMG Auditores, S.L.
24
Power of Attorney (included in signature page)
(*) Incorporated by reference to Exhibit
1.1 of Banco Bilbao Vizcaya Argentaria, S.A.'s 2019 20-F.