Spain Is Said to Hire Bank of America for CaixaBank Trading Plan

Spain’s bank resolution authority hired Bank of America Corp. to help sell some of its shares in CaixaBank SA and neutralize the impact of buybacks that would otherwise increase its stake.

The US firm is managing a so-called dribble-out trading program, people familiar with the matter said, asking not to be named because the details are private. Economy minister Carlos Cuerpo has said he wants to keep the government’s stake in CaixaBank at around 18%.

Spokespeople for BofA, CaixaBank and FROB, the Spanish bank resolution authority, declined to comment.

Spain has trailed other European countries over the past two ...