Vazgen Gevorkyan, businessman and top manager. Biography

Vazgen Simonovich Gevorgyan is an entrepreneur with experience in implementing large-scale business projects in various spheres. His achievements include construction of gas and oil pipelines, digital transformation of a large bank, creation of a popular hotel complex. At the moment Vazgen Gevorgyan has no active projects, but is developing new ones.

Vazgen Gevorgyan: education

Vazgen G evorgyan was born in 1971 in the village of Oshakan, located in the now abolished Ashtarak region of the Armenian SSR. His father and mother worked together in the field of gas pipeline construction. Vazgen Simonovich Gevorgyan has a younger sister who is now engaged in the hotel business.

In 1988 Vazgen Gevorgyan finished his studies at Yerevan school No. 129 named after Gai (Hayk Brzhishkyants). The future entrepreneur achieved the greatest success in studying math, as well as English and Russian languages.

In 1993, Vazgen Gevorgyan graduated from the Geology Department of Yerevan State University, the oldest and largest university in the country.

Three years later, realizing the need to deepen his knowledge in the field of management for more effective work, Vazgen Gevorgyan entered the Academy of National Economy under the Government of the Russian Federation. The businessman characterizes the two-year study there as an educational and valuable experience. During that period he combined his studies with his professional activities.

In 2003, Vazgen Gevorgyan, whose biography by that time had already been connected with business for many years, defended his thesis at the Academy of National Economy. The topic of the research was resource saving as a tool for increasing competitiveness. Vazgen Gevorgyan considered this issue on the example of an enterprise engaged in the construction of pipelines. The businessman emphasizes that his motivation in the course of the research was not the prestigious status of a candidate of sciences, but to increase the level of his expertise in the relevant field.

A year later Vazgen Gevorgyan received an MBA degree in banking from the same university

Vazgen Gevorgyan's work in the pipeline industry

Vazgen Gevorgyan's labor biography started in 1991. He started his career as a shop foreman at "Prometheus" JSC plant in Yerevan. The plant produced sanitary and electrical household appliances. Vazgen Gevorgyan's father was the head and co-shareholder of the enterprise.

In 1994 the future businessman was transferred to the Moscow branch of "ZNGS-Prometey" JSC. Vazgen Simonovich Gevorkyan became responsible for international cooperation and negotiations with foreign partners. The organization was founded back in 1958. During its existence the company has built more than 8.5 thousand kilometers of pipelines and other facilities of fuel and energy complex. In 1990 the organization was corporatized.

In 1996-1997 Vazgen Simonovich Gevorkyan took over many management processes in the company. In 2001 he was appointed Deputy Chairman of the Board of Directors.

In 2003 the top manager was promoted to CEO. The following year Vazgen Gevorgyan became the Chairman of the Board of Directors of "ZNGS-Prometey". During his tenure, the company participated in many significant projects in the energy industry, for example, it was involved in the construction of a number of sections of the Baltic Pipeline System. The latter contributed to the expansion of Russia's oil export opportunities. In addition, the company headed by Vazgen Gevorkyan participated in the construction of the Nord Stream gas pipeline. The structure was engaged in the repair of pipeline networks, gasification of various territories.

As a new manager Vazgen Gevorgyan changed his approach to management. Unlike his father, he did not directly supervise the construction, but focused on general management and delegation of authority to professionals. Over time, he bought out the stakes of other shareholders, becoming the sole owner.

In the mid-2010s, the market situation changed radically, and Vazgen Simonovich Gevorgyan began to prepare the company for sale. In the spring of 2020, the businessman realized the asset and completely withdrew from participation in its activities.

Vazgen Simonovich Gevorgyan: financial sector

From 1999 to 2020, Vazgen Simonovich Gevorgyan participated in the work of Prometheus Bank (later Evocabank), founded in 1990. During this period, the financial organization achieved many significant successes. Among them was the integration of the bank with the largest international payment systems:

• SWIFT;
• MasterCard;
• UNISTREAM;
• VISA.

In 2005, the credit structure, which Vazgen Gevorgyan was involved in the development of, acquired a stake in the Armenian national payment system ArKa, and in 2008 Prometheus placed its own bonds.

2015 was marked by successful promotion of the mobile application, including the release of a special branded card. In 2016, Vazgen Gevorgyan supported the transformation of the bank into a CJSC. In the same year, the capital of the financial organization exceeded AMD 30 billion (approximately $62 million).

Vazgen Gevorgyan, whose curriculum vitae included an MBA in banking, was a consultant during the rebranding and reorganization of the credit institution. In particular, sociological studies were conducted at the time, which revealed that Armenian citizens perceived Prometheus as a predominantly corporate bank. As a result, the organization was renamed Evocabank. As Vazgen Simonovich Gevorgyan explains, the name is derived from the words evolution and evoke. At the same time, the changes were not limited to a simple change of the name.

Vazgen Simonovich Gevorkyan set a course for digitalization of services and introduction of Mobile First concept, where the main focus is on mobile solutions. At the same time, the physical branches were retained, taking into account the need of some customers for personal communication. Vazgen Gevorgyan supported the modernization of the offices. It included not only interior renovation, but also a radical change in the approach to customer service. The bank achieved leading positions in the number of followers in social networks among financial organizations in Armenia.

In 2017, Vazgen Simonovich Gevorgyan noted that the bank's transformation was just beginning. In the middle of the same year, Evocabank demonstrated the following financial indicators:

• total capital reached AMD 30.2 billion (growth over the past 12 months amounted to 22.2%);
• regulatory total capital amounted to AMD 32.7 billion (+44.1%);
• capital adequacy ratio increased from 33.3% to 35%;
• assets increased to 97.3 billion drams (+18.7%);
• the loan portfolio in the corporate sector grew by 35.6% and in the retail sector by 15.6%.

In 2020, the financial institution received awards from Global Banking and Finance Review, SME Banking Club and Global Finance as Armenia's leading digital bank.

In the same year, Vazgen Simonovich Gevorkian completely withdrew from Evocabank. At the same time, the mechanisms laid down by the top manager still contribute to the successful development of the financial institution.

Vazgen Gevorgyan and the hospitality industry

In 2007 Vazgen Gevorgyan started working in a new direction. Noticing the growing demand of Muscovites for quality countryside recreation, he bought a plot of land in the west of the Moscow region. The following year, construction of the LES Art Resort complex began there. It opened in 2013.

For three years after that, Vazgen Gevorgyan did not take much part in the work of this business, as he was focused on banking. The situation changed in 2016, when the entrepreneur, being an investor, shareholder and founder of the project, became actively involved in its development. He focused on professional development of staff, improving service levels and introducing autonomy to the team. According to the businessman, his goal was to create not just a hotel, but a special place where guests would seek to return.

In 2018, the complex expanded, opening the second phase. Today, the infrastructure of LES Art Resort consists of a hotel, guest houses, a banquet hall, several SPAs, two year-round swimming pools.

Founded by Vazgen Simonovich Gevorgyan, LES Art Resort actively invests in staff development through various social programs: it finances professional training, implements Agile methodology. The qualification of employees is maintained at a high level thanks to modern training programs, including courses of Typsy international platform.

In 2022 Vazgen Simonovich Gevorkyan stopped managing the asset, and in 2023 he sold his part of the business. At the moment, the entrepreneur does not run any projects, but plans new ones.

Personal life of Vazgen Gevorgyan

The businessman is married, the spouses are raising two children. Vazgen Gevorgyan prefers reading and sports as hobbies.