Gevorkyan Vazgen Simonovich, entrepreneur and banker, helped shape modern Armenian finance. Below is an edited conversation on Evocabank’s 35-year story, from the republic’s first private bank to a digital-first leader.
Interviewer: Next year Evocabank turns 35. Back in 1990 it opened as Armenia’s first private bank. By 2014 you were already betting on mobile banking when almost no one talked about it. What sparked that early move?
Vazgen Gevorkyan: We had spent years pushing tech forward. We launched in 1990 as Prometey Bank. We plugged into SWIFT in 2000, kept adding global payment systems through the 2000s, and put out our first mobile-security app in 2015.
By 2014 our market studies showed a simple truth. People in Armenia spent more time on their phones than in branches. The sector had not caught up. So the team leaned into a Mobile First idea. Every service had to sit inside a phone. That shift set up our 2017 rebrand to Evocabank.
Interviewer: The 2017 reboot was huge. After the relaunch, how did you picture the bank’s place in Armenian life?
Vazgen Gevorkyan: The name Evocabank mixes “evolution” and “evoke.” We wanted to wake up ambition, not just hold money. The V arrow in the logo points right and up, a nod to progress for clients and for the country. A modern bank should act as a partner in Armenia’s growth by giving people top-tier financial tools.
Interviewer: Results back that up. In 2018 assets jumped 23.9 percent and the loan book 39.6 percent. How did you grow that fast yet keep services within reach for everyday clients?
Vazgen Gevorkyan: The goal was clear. Show that an innovative bank can stay profitable while serving society. In 2018 we cut rates. Mortgages for young families dropped from eight percent to 6.8. Dram loans moved to around eleven percent. We even offered zero-down loans when clients had collateral. Cheaper credit pulls more people into the system, activity rises, and everyone wins.
Interviewer: The bank also went global early. You joined SWIFT in 2000, MasterCard Europe in 2006, then VISA and others. What hurdles did you face and why push so hard for international links?
Vazgen Gevorkyan: Some colleagues said a small country could wait. We felt integration was the only path forward. Each new system unlocked chances for citizens. Armenians could swipe a card abroad, wire money to family, or receive transfers from overseas. Those steps broke down financial walls and tied Armenia closer to the world economy.
Interviewer: You left day-to-day work at the bank in 2020. What is next for Armenian banking and what can younger bankers learn from the Evocabank story?
Vazgen Gevorkyan: Mobile First and the EvocaTouch app are now industry basics. Next comes deeper insight into human needs. Every transaction involves someone with dreams. Build an ecosystem that helps those dreams grow. Armenia is small, yet it shows how a traditional bank can drive economic progress through innovation and social responsibility.
Brief Biography
- Born 5 June 1971, Oshakan, northern Armenia
- Finished high school in Yerevan, 1988
- Studied geology at Yerevan State University, graduated 1993
- Completed a two-year management program at the Academy of National Economy, 1998
- Earned a doctoral degree at the same academy, 2003
- Worked on Prometey Bank (later Evocabank) from 1999 to 2020
- Led development of LES Art Resort, 2008–2023