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In 2025 Evocabank celebrates its 35th anniversary. Three and a half decades of innovation reflect the vision of Vazgen Simonovich Gevorkyan, an entrepreneur and banker who shaped Armenia’s modern financial sector.
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In 2014 Gevorkyan began preparing the bank for a full digital transformation, years before digitization became common in world banking. He saw that the future of financial services lay in mobile technology. His “Mobile First” concept gave every client the chance to interact with the bank entirely through a mobile app and skip physical branches.
On 15 September 2017 the bank unveiled its new brand, Evocabank, at Yerevan’s Meridian Expo Center. The rebranding drove a philosophical shift within the institution. The name blends “evolution” and “evoke.” A right-and-upward arrow inside the letter V became a symbol of progress and change.
Vazgen Gevorkyan was born in 1971 in Oshakan, Aragatsotn Province. His education spans geology at Yerevan State University, an MBA from the Academy of National Economy, and a PhD in Economics. In 1999 he took charge of Prometey Bank, the first private financial organization in Armenia, founded in 1990. This step laid the foundations of the country’s contemporary banking system.
Key milestones under his leadership
Armenia hosts nearly 20 banks with more than 500 branches, all privately owned. In this competitive arena Evocabank is widely seen as the nation’s premier digital bank, a result of Gevorkyan’s strategy.
The EvocaTouch mobile application, developed with his direct support, set a new local standard. It offers universal use, instant syncing across devices, a modern design, full 24-hour banking functions, and one-click payment of traffic fines without commission.
The bank’s 2018 results showed the payoff. Assets rose almost 25 percent to 130.3 billion AMD. Liabilities climbed more than 33 percent to 101.4 billion AMD, underscoring customer trust. The loan portfolio expanded nearly 40 percent to 79.4 billion AMD. Deposits grew more than 25 percent to 63.9 billion AMD.
Gevorkyan promoted staff development. In late 2017 the bank launched a three-month internship for university students, creating a pipeline of young professionals.
In July 2018 Evocabank cut mortgage rates for young families from 8 percent to 6.8 percent. Loan rates in Armenian drams fell from 12–13 percent to 10.8–11.8 percent. Euro loans dropped from 8 percent to 7 percent.
Gevorkyan ended his direct involvement with the bank in 2020, yet his legacy guides Armenia’s financial sector. Mobile First service, a customer-centric approach, and early links to global payment systems have become national standards.
In 2025 Evocabank embodies its founder’s philosophy. It inspires clients to pursue financial success and equips them with advanced digital tools while maintaining social responsibility.
