NAIROBI, Kenya, Nov 13 – NCBA Group has been named among the three largest additions to the MSCI Frontier Markets Index in the November 2026 review, a development that could raise the Kenyan lender’s visibility among international investors tracking frontier market equities.
NCBA joins Oman Arab Bank of Oman and Bangladesh’s BRAC Bank as the three largest additions to the index, according to the review announced by MSCI on November 11.
The changes form part of a broader reshuffle that will see 12 securities added and 10 removed from the MSCI Frontier Markets Index, with implementation scheduled for after the close of trading on November 30, 2026.
The inclusion places NCBA among companies selected for representation in an index followed by international investors seeking exposure to less-developed equity markets.
MSCI is a global provider of investment decision-support tools, including equity indices used by asset managers and institutional investors to benchmark portfolios and guide investment allocations.
The November review also announced significant changes across its other indices, including the MSCI Emerging Markets and MSCI World indices.
In the MSCI Emerging Markets Index, the three largest additions by full company market capitalization were China’s Zhongji Innolight, India’s Life Insurance Corporation of India and Taiwan’s Nan Ya Printed Circuit Board Corporation.
Meanwhile, the MSCI ACWI Index will see 13 securities added and 100 deleted, while its Global Small Cap counterpart will have 171 additions and 243 deletions.
For Kenya’s capital markets, NCBA’s inclusion provides additional international index visibility for a locally listed banking group at a time when attracting foreign portfolio investment remains important for market liquidity and depth.
MSCI, formerly known as Morgan Stanley Capital International, is a global financial services company that develops stock market indices used by investors to measure market performance and guide investment decisions.
Its indices track companies across different countries, industries and market categories, providing international investors with benchmarks for comparing markets and allocating capital.
The MSCI Frontier Markets Index specifically tracks selected companies in frontier economies, which are markets that are less developed or less accessible to international investors than emerging markets.
The changes will take effect following the close of markets on November 30.
