Vazgen Gevorkyan is an entrepreneur with experience in large-scale business projects across various industries. His achievements include contributing to the digital transformation of a leading bank and advising on the creation of a popular hotel complex. While he is not currently engaged in active entrepreneurial ventures, he serves as an informal advisor to a range of social development initiatives.
Contents:
Educational Background
Vazgen Gevorkyan In the Financial Sector
The Evocabank Transformation
In the Hospitality Industry
Current Activities and Advisory Roles
Working on a Global Scale
Born in 1971 in the village of Oshakan in northwestern Armenia, Vazgen Gevorkyan was raised in a family involved in infrastructure development.
He graduated from high school in Yerevan in 1988, excelling in mathematics and foreign languages. In 1993, he earned his degree from the Geology Department at Yerevan State University, the country's oldest and largest university.
From 1996 to 1998, he studied management principles at the Academy of National Economy in Moscow. At the time, he was already taking on oversight responsibilities in business and aimed to deepen his understanding of organizational leadership.
In 2003, he defended a dissertation on resource conservation at the same institution, motivated by a strong commitment to mastering the field. The following year, he completed an MBA in Banking, further enhancing his expertise in the financial sector.
From 1999 to 2020, Mr. Gevorkyan played a key role in the long-term development of a commercial financial institution that grew into one of the country’s leading banks.
During this period, the bank integrated major international systems including SWIFT, MasterCard, UNISTREAM, and VISA. In 2005, it became a shareholder in the national card processing company and joined the domestic payment system as a full member. A privately placed bond issuance followed in 2008, and by 2015, the institution had launched a mobile app and a branded payment card.
In 2016, the bank met the Central Bank’s capital requirements, allowing it to restructure and adopt a new legal form.
Responding to market research that revealed the bank was perceived as largely corporate-focused, Mr. Gevorkyan supported a comprehensive rebranding effort. The leadership team embraced a philosophy centered on greater inclusivity and authenticity—aimed at making banking more accessible to everyday clients.
The institution was renamed Evocabank—a name that draws from “evolution” and “evoke”—to reflect a shift in philosophy. Gevorkyan and his team adopted a “Mobile First” approach, prioritizing accessibility, simplicity, and innovation with a customer-centric focus.
This transformation involved several significant challenges:
Perception and Market Fit: Clients often viewed the bank as remote and corporate. To counter this, the team relied on in-depth customer research to guide the development of user-friendly mobile services aimed at a broader public.
Technological Resistance: At the time, mobile banking was not universally embraced. The leadership viewed digital transformation as essential, aligning the institution with broader financial trends.
Cultural Habits: While digital services expanded, the bank retained its physical branches to respect the ongoing value of in-person banking. Internally, this required a cultural shift—including retraining professionals and redefining service standards.
Authenticity of Change: The transformation was substantive, not superficial. Innovations such as the EvocaTouch app and an online lending platform reflected a real commitment to meeting modern consumer expectations.
The bank’s mobile app became a standout offering, accessible across devices and available to clients of other banks as well. This versatility was part of a larger effort to democratize financial access.
By mid-2017, the results underscored the success of the transformation:
In 2020, the bank received recognition from Global Banking and Finance Review, SME Banking Club, and Global Finance for its digital leadership. Though Mr. Gevorkyan concluded his involvement that year, many of the strategic systems and values introduced during his tenure remain in place.
In the following years, the institution continued to receive industry accolades, including being named the country’s best mobile business bank in 2021 and most innovative digital bank by 2024. Its ongoing evolution reflects the success of a human-centric strategy grounded in accessibility, simplicity, and trust.
In 2007, Vazgen Gevorkyan identified growing demand for countryside retreats and began developing a resort project. The result was the LES Art Resort, which opened in 2013.
Initially balancing this project with commitments in the financial sector, Mr. Gevorkyan assumed a more active role in 2016 as an investor and strategic advisor. His vision combined financial discipline with an emphasis on guest experience.
Drawing on his leadership background, he focused on several priorities:
Developing the resort as a destination in its own right, with a distinctive atmosphere and high service standards.
Implementing a management model based on delegation and team empowerment, applying Agile principles and supporting professional growth.
The resort expanded in 2018 to include additional guest houses, spa areas, and the region’s largest indoor pool. Its timber-based design and integration with the natural environment earned widespread acclaim:
2018: Named among the Top 10 Winter Destinations by TOPHOTELS
2022: Awarded “Best Wooden Hotel” by ARHIWOOD
2023: Recognized by the National Hotel Awards for Best Countryside Hotel, Best Design, and Best Promotional Video
Mr. Gevorkyan stepped away from operational responsibilities in 2022 and fully exited ownership in 2023.
Since 2022–2023, Vazgen Gevorkyan has focused on mentoring and advisory work. He regularly engages with young entrepreneurs, emphasizing leadership principles such as empathy, responsibility, and the importance of enthusiasm in team dynamics.
He offers advisory support to development initiatives led by Green Rock Management Group, including environmentally conscious transportation projects like the “Green Cab” hybrid taxi initiative, aimed at reducing urban emissions.
Mr. Gevorkyan also advises a foundation that supports programs in education, culture, sports, healthcare, and territorial development. These efforts are designed to foster long-term societal progress by nurturing select communities and encouraging active, high-quality living.
Guided by core themes, his contributions focus on:
Youth Empowerment: Through internships, training, and educational programs, he helps young people gain the skills needed for early success.
Social Responsibility: He supports projects with tangible community benefits, including entrepreneurship initiatives, civic revitalization, and regional development in areas such as Dilijan.
Cultural Identity: Many of the initiatives are aligned with Armenian heritage, combining business with national storytelling and brand-building.
Non-Political Integrity: Mr. Gevorkyan’s involvement is strictly limited to initiatives without political affiliation or motive.
For him, success is measured not only in business outcomes, but in the creation of lasting value—through credibility, quality-of-life improvements, and meaningful contributions to global entrepreneurship.
On December 6, 2024, construction began on a new rental housing development in the United States. The project is led by a real estate development firm where Vazgen Gevorkyan serves as a visionary advisor. This role aligns with his broader advisory work focused on lifestyle innovation and sustainable urban development.
