Barclays is selling down its stake in its African business, marking chief executive Jes Staley's latest effort to make the bank smaller and more focused on its retail and investment banking businesses in Europe and the US.

The bank said in a statement on Wednesday that it will sell a 22% stake in Barclays Africa, equivalent to 187 million shares. Completing the sale would leave Barclays with roughly 28% of the African business.