LONDON— Barclays PLC on Wednesday said it has agreed to sell its risk analytics and index solutions business to Bloomberg LP for £520 million ($782 million), in the British bank’s latest move to focus on its core operations.

The lender said the sale of the unit, which is expected to complete by the middle of next year subject to antitrust approval, would result in a pretax gain of around £480 million.

The unit being sold incorporates the bank’s benchmark indices, including the Barclays Aggregate family of indices, as well as intellectual property in relation to the POINT portfolio analytics tool. Barclays will continue to operate POINT for 18 months after the deal completes to help clients transition to other providers.

Barclays Chief Executive Jes Staley said the deal was further evidence of the work the bank is doing to manage down its noncore assets.