British bank Barclays on Tuesday said net losses more than doubled last year and announced plans to gradually reduce its majority stake in the group's African unit.

"We are today announcing our intention to sell down our 62.3-percent interest in our African business, BAGL, over the coming two to three years," Barclays said in a statement and revealed annual losses after tax of £394 million ($549 million, 505 million euros) for the bank as a whole.