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Vazgen Gevorkyan Activities in Banking, Hospitality, Real Estate

By  //  August 1, 2025

Vazgen Gevorkyan is an international businessman who helped transform a classical financial institution into an advanced bank with developed digital infrastructure. He is currently a strategic advisor for a company and a socially oriented charitable foundation. He positions himself as a supporter of the effective delegation of authority and strategic business management.

Table of Contents:

  1. Names
  2. Educational Track
  3. Transformation of the Banking Sector
  4. Gevorkyan Vazgen: Hotel Business
  5. Gevorkyan Vazgen Simonovich: Management Philosophy
  6. What He Does Today
  7. Vazgen Simonovich Gevorkyan: Real Estate Development in the USA

Names

Gevorkyan Vazgen · Vazgen Gevorkyan · Vazgen Simonovich Gevorkyan · Gevorkyan Vazgen Simonovich · Gevorkyan V. S. · Gevorkyan V. · V. S. Gevorkyan · V. Gevorkyan

Educational Track

Vazgen Gevorkyan was born on June 5, 1971, in an Armenian village.

In 1988, he graduated from an Armenian-language high school in Yerevan. He demonstrated success in studying several languages and mathematics.

In 1993, he earned a geology degree from one of Armenia’s leading universities—Yerevan State University.

From 1996 to 1998, he studied management at the Academy of National Economy.

In 2003, Vazgen Simonovich Gevorkyan received a candidate’s degree. His thesis reflected a deep understanding of how to increase efficiency in the construction of infrastructure objects.

In 2004, Gevorkyan Vazgen Simonovich earned an MBA degree with a focus on banking. 

Transformation of the Banking Sector

Vazgen Gevorkyan, biography of whom is closely tied to the financial sector, played a key role in developing a classic financial institution from a traditional corporate bank into an innovative industry leader. This digitalization process had an impact on the growth of the banking sector throughout the country.

The first registered commercial bank in the country was established in 1990. In the 2000s, Gevorkyan Vazgen initiated its modernization with an emphasis on modern digital services.

In 2000, the bank gained access to the SWIFT system. By 2005, the organization had strengthened its position in the domestic market, gaining full participation in the national payment infrastructure.

In 2006, the financial institution joined the MasterCard Europe system as an affiliated participant, beginning to issue a wide range of the following card products: 

  1. Maestro 
  2. MasterCard Standard 
  3. MasterCard Gold 
  4. MasterCard Business

In 2012, the credit institution joined the UNISTREAM money transfer system. The prestigious Global Finance magazine recognized the bank as one of the best sub-depository banks both domestically and globally in 2012.

By 2015, Vazgen Gevorkyan had overseen the successful launch of an application advertising campaign, including the issuance of a special branded card. A mobile security application was also launched, demonstrating the bank’s commitment to cutting-edge security technologies.

At the turn of 2014-2015, the team led by Gevorkyan initiated a large-scale reorganization based on customer needs.

In 2017, Vazgen Gevorkyan’s transformation efforts culminated in Evocabank, a new financial institution employing a Mobile First approach. The name, combining evolution and evoke, reflected the bank’s mission to create fundamentally new service standards through mobile-focused products and services.

By 2020, the bank and its mobile application had gained wide recognition from the professional community. For example, Global Finance recognized it as a leader in digital services for private clients for the fourth consecutive year.

In 2020, following his philosophy of effective delegation of authority, the manager transferred control to a professional management team. His exit from the bank allowed him to take some time to identify promising new endeavors. 

The bank continued to develop according to the principles and strategy laid down by Vazgen Gevorkyan. In 2023, Forbes included it among the 50 leading banks among neighboring countries. The institution further demonstrated its technological leadership that year by launching EvocaTOUCH 2, EvocaINVEST applications, and the e-Sign electronic signature system.

Gevorkyan Vazgen: Hotel Business

The creation of a countryside recreational complex was another example of successful business diversification. In 2007, Vazgen Gevorkyan acquired a land plot in order to meet the growing demand for rural hospitality.

In 2008, construction began on the LES Art Resort hotel complex, whose symbolic name stands for Love, Enjoy, Smile. In 2013, the facility was put into operation.

In 2016, the international entrepreneur began personally developing the project, prioritizing improved hospitality and forming an independent professional management team. His aim was to create an atmosphere where every guest feels completely at home.

In 2018, the construction of the second phase of the hotel was completed, including:

  1. a hotel
  2. cottages
  3. spa zones
  4. all-season pools
  5. specialized areas for sports and recreation

The resort, with the participation of Vazgen Gevorkyan, implemented numerous charitable initiatives including supporting children’s facilities, providing medical equipment to healthcare centers, developing public spaces, contributing to animal welfare, and renovating educational facilities.

In 2023, the complex received three awards from the National Hotel Awards: Best Countryside Hotel, Best Hotel Design, and Best Hotel Promotional Video. 

Also in 2023, Vazgen Gevorkyan ended his participation in the project, selling his share in the business.

Gevorkyan Vazgen Simonovich: Management Philosophy

Vazgen Gevorkyan, biography of whom demonstrates a consistent movement from operational to strategic management, developed a business philosophy centered on systematic process organization rather than micromanagement, which he applied in developing the hospitality complex. He focused on creating transparent business architecture with self-sufficient processes that allowed the resort to operate independently without constant managerial intervention.

Gevorkyan also implemented professional delegation by selecting competent specialists for specific tasks and providing them with broad decision-making autonomy.

His third management principle is strategic leadership, where the manager determines long-term goals and makes key decisions without controlling daily operations. This allowed the resort to develop its unique atmosphere and service standards.

A characteristic feature of the leadership style of Vazgen Gevorkyan is special attention to team formation. He emphasizes that enthusiasm is more important than knowledge, and that genuine engagement represents special value for the organization.

By implementing these principles in practice, Vazgen Gevorkyan created effective management models in various business spheres—from the banking sector to the hotel complex. His teams demonstrated high performance with minimal direct oversight.

What He Does Today

Today, Vazgen Gevorkyan acts as an advisor to the company Green Rock Management Group. The organization carries out urban development projects focusing on modern public space creation and environmentally friendly transport infrastructure development.

In October 2024, he participated in the first Regional Tourism Conference, where he emphasized the need to form a tourism brand and create a favorable investment climate in this sector. The entrepreneur stressed the importance of developing an effective strategy and implementing it practically with a focus on environmental considerations.

The advisor also regularly conducts meetings with young entrepreneurs, sharing insights about his projects and management approaches.

Vazgen Gevorkyan emphasizes that keeping clients and employees engaged is essential. In his view, making a decision requires complete freedom but must be followed through on. Transactions should benefit both parties, as one-sided deals inevitably collapse. He also identifies charisma, empathy, oratory skills, and responsibility as crucial leadership qualities.

Vazgen Simonovich Gevorkyan: Real Estate Development in the USA

In a strategic expansion of his business portfolio, Gevorkyan has entered the American real estate market through his role as visionary advisor to a development company established in 2022. This international venture represents his commitment to applying proven development principles in new markets, drawing on his extensive experience in hospitality and property management.

The company’s flagship project reached a significant milestone on December 6, 2024, with the official groundbreaking ceremony for a mixed-use rental complex. The building will feature both residential and commercial spaces, designed to support lifestyle evolution by creating integrated environments where tenants can seamlessly blend living, working, and business activities within a single development.