About us


ARMENBROK OJSC is Armenia based leading investment company, providing its customers with full range of financial and investment services in the Armenian capital market, including: investment banking services (fundraising, IPO, private placements), brokerage and investments, legal and business consulting, international trading, corporate governance advisory, corporate restructuring, M&A, etc. Since its establishment in 1994, ARMENBROK has put its best efforts to open as many doors as possible to individual and institutional investors and companies so that it would be in their best interest to invest in securities of reputable Armenian companies.

Our Company was registered and licensed by the Central Bank Armenia as an investment company on November 4, 2008. Notwithstanding, we have a history spanning over 25 years, as the present legal and organizational status of ARMENBROK evolved through a number of corporate development stages presented below:

Corporate Event Year
Foundation of ARMBROK LLC 1994
ARMBROK LLC renaming into Armenian-Canadian joint enterprise LLC 1994
Armenian-Canadian joint enterprise LLC reorganization into ARMENBROK CJSC 1998
ARMENBROK CJSC reorganization into ARMENBROK OJSC 2008
Through merger of ARMENBROK OJSC and Master Capital LLC the new ARMENBROK OJSC was established 2008

ARMENBROK is a full member of Armenia Securities Exchange and the Securities Settlement System (has the status of the Account Operator and is a member of the regulated market settlement system).

Armenia Securities Exchange (until 2019, NASDAQ OMX Armenia) named ARMENBROK:
  • Best Exchange Member in Corporate Securities Market (for 2012-2014 and 2016), 
  • Best Exchange Member in Repo/Swap Transactions (2018),
  • Best Member in Unified System of Securities Registration and Settlement (for 2015-2018),
  • Best Account Operator-Registry Keeper of Depository System (for 2015-2018),
  • Best Account Operator-Custodian of Depository System in Corporate Securities Market (for 2014-2018),
  • Best Member of Stock Exchange Settlement System (as of 2017).

ARMENBROK also holds membership in the American Chamber of Commerce (AmCham) and Armenian-British Business Chamber (ABBC), German Business Association (DWV).

Address: #32/1 Tigran Mets ave.,Yerevan, Armenia

E-mail: armenbrok@armenbrok.com

Tel:+374 11 590 000

This page was last updated 23.08.2019 10:01
Mission and Valueshttp://www.armenbrok.am/about-us/mission-and-values

ARMENBROK sees its mission in providing high quality investment services of international standards to local and foreign customers and gaining the reputation of a reliable long term business partner. 

Our company gives high priority to its good name and reputation. One of the major strategic goals of the company is to make every effort to ensure that any investor wishing to make investment of any type in the Armenian financial market considers ARMENBROK as a reliable partner.

The company’s main objectives are:

  • Hold leading position in the market;
  • Provide full range of quality investment services;
  • Provide fully tailored services for each client;
  • Increase shareholders' wealth by growing the market value of the Company.
ARMENBROK brings ideas to your money and creative power to your ideas. The slogan of the company is "Money has no ideas - we have". Our in-depth knowledge of local markets, wide network of professionals in the field combined with a broad range of financial services, ensure first-class assistance to your investments, proving the validity of the company's corporate slogan.  
We do care for our customers and know the value of their money.


This page was last updated 06.11.2013 11:48

ARMENBROK is not a part of any commercial group, holding, union, or any other entity that consolidate their financial reports on any basis.

ARMENBROK only has an office and operates in Yerevan. For the time being, the company has no branches or representative offices. 

Below is the company's organization structure: 

This page was last updated 04.11.2013 12:25

Aram Kayfajyan


Qualifications summary

  • Dynamic contemporary leader able to bring about innovation and change.
  • Young, yet established investment professional with nearly a decade of executive level management experience.
  • Combines versatile industry knowledge with strong strategy capabilities.
  • Corporate executive governed by high ethical standards and strong sense of social responsibility.
  • Performance-oriented professional with a significant record of delivering tangible results.
  • Has inspiration and ability to make positive changes in the system and infrastructure.
  • Likes to lead teams to shared successes.
  • Excellent communicator, always available and willing to exchange ideas.
  • Deeply committed patriot working to contribute to the country’s economic growth.
  • Holds PhD in Economics.
  • Speaks Armenian, English, Russian.


  • Chief Executive Officer of ARMENBROK since July 2004.
  • Between December 1999 and July 2004 worked at ARMENBROK in various roles (including Assistant CEO, Head of Internal Supervision, Head of Internal Audit).
  • In 2007-2008 was a Member of the Supervisory Boards of the Armenian Stock Exchange and the Central Depository of Armenia.
  • Starting with 2010 to present has been lecturing at the Russian-Armenian (Slavonic) State University.

Major accomplishments as ARMENBROK CEO

  • Led a company with minor activities and four employees (currently twenty) to become one of the largest and most profitable investment firms in Armenia.
  • Turned ARMENBROK into an open joint stock company with shareholders from 11 countries across the world.
  • Compared to 2004 ensured growth in shareholders’ equity 40 times.
  • Managed to increase company assets over 200 times over the level of 2004.
  • Executed the first national IPO of an Armenian company (shares currently listed on Armenia Securities Exchange).
  • Enhanced the range of services rendered by the company to include repo trades, registry keeping, custody and global trading.
  • Created an extensive network of contacts and institutional customers for the company.

Professional interests

  • finance & investment banking
  • economics
  • capital markets
  • investments
  • emerging markets
  • IPOs & private equity
  • business valuation
  • portfolio management
  • business networking
  • connections with the Armenian Diaspora

Personal information

Born in 1983 in Yerevan.


  • Reception and transmission of recommendations for securities based operations from customers.
  • Operations with securities in the name of the customer or him/herself at the expense of the customer.
  • Operations with securities in his/her name and at his/her expense.
  • Best efforts and firm commitment underwriting of securities.
  • Custody services.


Hayk Manaselyan

Head of Internal Audit Department
Hayk Manaselyan
Born in 1983.
  • 2004 - present - Head of Internal Regulations Department, then Head of Internal Audit department, ARMENBROK OJSC
  • September 2010 - present - Lecturer, Yerevan State Economic University
  • 2010 - present - CEO, Business Kartughar Ltd.
  • 2006-2007 - Vice President of the Regulatory Commission, Armenian Stock Exchange
  • 2002-2004 -  CEO, then Head of Internal Audit Department, IT BrokDilTrust Ltd.
  • 1999-2004 - Department of Financial Accounting, Yerevan State Economic Institute


  • CBA qualification to act as the head of internal audit department of investment company and foreign investment company branch
  • Holds PhD degree in economics
  • Participated in several conferences and professional training courses on International Financial Reporting Standards (IFRS) and internal audit, both in Armenia and abroad.

Araksya Harutyunyan

Deputy CEO
Araksya Harutyunyan
Born in 1983.
  • July 2015 - present - Deputy CEO, ARMENBROK OJSC
  • 2010 - 2015 - Head of Trading Department, ARMENBROK OJSC
  • July 2007 - October 2010 - Economist-Analyst/Broker-Cashier, ARMENBROK OJSC
  • June 2006 - July 2007 -  Economist-Analyst, ARMENBROK OJSC
  • 2001-2006 - Environmental Economics of the General Economic Faculty, Yerevan State Economic Institute
  • Participated in several professional training programs in Armenia and abroad held by various organizations including New York Institute of Finance and Austrian Institute of Economic Research.
  • Receives and communicates assignments regarding securities transactions from clients
  • Executes securities transactions on own behalf or on behalf of the client and at the expense of the client
  • Executes transactions with securities at own expense and own behalf
  • Provides services related to the organization of issuance and placement of securities
  • Manages depositing of securities

Siranush Khlghatyan

Chief Accountant
Siranush Khlghatyan 
Born in 1977.
  • May 2008 - present - Chief Accountant, ARMENBROK OJSC
  • 1999 - present - Accountant or Chief Accountant, financial and non-financial organizations
  • 1994-1999 - Financial Accounting, Yerevan State Economic Institute

Edgar Aghabekyan

Senior Dealer
Edgar Aghabekyan
Born in 1982.
  • February 2009 - present - Financial Advisor, then Chief Dealer, ARMENBROK OJSC
  • 2007 - present - Assistant lecturer at the Securities Market department, State Economic University of Armenia. Later became a professor
  • 2006 - 2008 - Head of Internal Audit Department, then Head of Securities Department, later Senior Specialist and the Head of the Operations Department, Private Invest CJSC
  • 2005-2006 - Securities Dealer, ArmEconomBank OJSC  
  • 1999-2004 - Financial Accounting, Yerevan State Economic Institute
  • Holds a PhD degree in Economics
  • Executes transactions with securities at own expense and on own behalf
  • Provides services related to the organization of issuance and placement of securities

Elen Ghazaryan

Elen Ghazaryan
Born in 1991.
  • November 2017 - present - Dealer, ARMENBROK OJSC
  • May 2012 - November 2017 - Custodian, ARMENBROK OJSC
  • January 2012 - May 2012 - Analyst, ARMENBROK OJSC
  • 2013 - Master's degree, Yerevan State Economic Institute
  • 2007-2011 - Department of Finance, Yerevan State Economic Institute
  • Executes transactions with securities at the client's expense and on the client's behalf
  • Provides services related to the organization of issuance and placement of securities

Andranik Gzoghyan

Head Of Research

Andranik Gzoghyan
Born in 1989.


  • 2018 - present - Head of Research, ARMENBROK OJSC
  • 2015 - 2017 - Research Analyst, LINKS Analytics B.V.
  • 2014 - 2015 - Financial Analyst, Stork Investments Holding CJSC
  • 2012 - 2014 - Assistant Relationship Manager, Byblos Bank Armenia CJSC


  • 2012 - 2014 - Professional MBA, American University of Armenia
  • 2010 - 2013 - Master of Economics, Yerevan State University
  • 2006 - 2010 - Bachelor of Economics, Yerevan State University
  • CFA charterholder since 2017


  • Provides consultation to clients regarding the investments in securities
  • Prepares and manages the dissemination of researches, financial analyses and other general investment proposals related to securities transactions


Vardan Yesayan

General Counsel

Vardan Yesayan
Born in 1993.


  • January 2018 - present - General counsel, ARMENBROK OJSC
  • 2016-2017 - Investment and export promotion expert, Development Foundation of Armenia
  • 2015-2016 - Lawyer, Ucom
  • 2014-2015 - Legal intern, MM Legal Outsource and TK & Partners


  • Since 2016 - PhD in National Academy of Sciences of the Republic of Armenia
  • 2014-2016 - LL.M, Armerican University of Armenia
  • 2010-2014 - Faculty of Arts and humanities, University of Toronto
  • 2008-2010 - International Baccalaureate, Regents School

Rouzanna Sarkissian

International Projects Manager
Rouzanna Sarkissian
Born in 1974.
  • August 2012 - present - International Projects Manager, ARMENBROK OJSC
  • 2008-2010 - Head of Marketing and Communications, NASDAQ OMX Armenia stock exchange and the Central Depository
  • 2010-2011 - Advisor to CEO, International Business Center JV CJSC
  • 2006-2008 - USAID-funded projects
  • 2003-2006 - Communications and External Relations Officer, Armenian Stock Exchange
  • 1994 - 2003 - Various capacities in the Armenian banking sector
  • 1991-1996 - Yerevan State Institute of Economics
  • Taught classes at the French University in Armenia, Russian-Armenian (Slavonic) State University, as well as within various training courses held by banks and other organizations, courses and international workshops in Armenia and abroad.
  • Holds PhD in Economics.
  • Provides foreign customers and potential customers with information on the company's operations and services offered
  • Coordinates the company’s international projects and initiatives

Elmira Ghalumyan

Head of Registry Department
Elmira Ghalumyan
Born in 1986.
  • April 2013 - present  - Head of registry department, ARMENBROK OJSC
  • June 2011 - April 2013 - Custodian, ARMENBROK OJSC
  • 2004-2010 - International Relations, Yerevan State University
  • Custody
  • Registry keeping


Milena Ghayfajyan


Milena Ghayfajyan
Born in 1992.


  • February 2018 - present - Custodian, ARMENBROK OJSC
  • 2013-2016 - Operations Department, Inecobank CJSC


  • 2009-2015 - Department of Finance, Armenian State University of Economics


  • Holds certificates of Head and Worker of Investment Fund Custodian and Investment Services Providing Individual-Custodian from the Central Bank of the Republic of Armenia and Union of Banks of Armenia.

Edita Mnatsakanyan


Edita Mnatsakanyan
Born in 1996.


  • June 2018 - present - Custodian, Armenbrok
  • January 2018 - May 2018 - Accountant-cashier, Araratbank
  • 2017-2018 - Consumer crediting agent, Unibank OJSC


  • 2013-2017 - Finance Department, Armenian State Economic University (BA)
  • 2018 - MA in Finance, Armenian State University of Economics


  • Holds certificates of the Head and Worker of Investment Fund Custodian and Investment Services Providing Individual-Custodian from the Central Bank of the Republic of Armenia and Union of Banks of Armenia.


  • Custody
  • Registry keeping

Nune Mkrtchyan


Nune Mkrtchyan
Born in 1995.


  • December 2017-present - Researcher, then Accountant at ARMENBROK OJSC
  • 2016-2017 - Supporting securities transactions group specialist, VTB Armenia Bank CJSC
  • 2015-2017 - Researcher, AMBERD research center


  • 2012-2016 - Department of Finance, Armenian State University of Economics
  • 2018 - MA in Finance, Armenian State University of Economics


  • Holds certificates of the Head and Employee of Investment Fund Custodian and Investment Services Providing Individual-Custodian from the Central Bank of the Republic of Armenia and Union of Banks of Armenia.

Christine Darbinyan

Executive Associate
Christine Darbiyan
Born in 1993.
  • October 2015 - present - Executive Associate, ARMENBROK OJSC
  • 2015 - Master's degree, Finance Department, Yerevan State Economic University
  • 2009-2013 - Department of Linguistics and Intercultural Communication, Yerevan State Linguistic University after V.Bryusov

Samvel Darbinyan

Technical Office Supporter
Samvel Darbinyan  
Born in 1987.
  • 2010 - present - Technical Office Supporter, ARMENBROK OJSC
  • 2008-2010 - Security officer, Armobile
  • 2010 - Yerevan State Industrial Collage
  • 2005 - Security Service College
This page was last updated 06.06.2013 18:08
Statutory documentshttp://www.armenbrok.am/about-us/statutory-documents

This page contains scanned copies of the statutory documents of ARMENBROK OJSC. The documents are available in Armenian language only.

This page was last updated 02.11.2018 13:56

The significant shareholders that have direct participation in authorized capital of ARMENBROK OJSC are:

Full name/Company name Type of activity Participation
Aram Kayfajyan    43.39%
Ashot Chagharyan    10.11%

ARMENBROK OJSC does not have any daughter company.

This page was last updated 07.02.2019 11:40

On 13 June 2019, Armenbrok investment open joint stock company and Capital Investments closed joint stock company successfully completed the share purchase deal, as result of which Armenbrok has become the sole owner of Capital Investments. In the meantime, Capital Asset Management cjsc, a company associated with Capital Investments cjsc, was not in any way involved in the deal and will continue its activities as a separate legal entity.

Capital Investments cjsc operated in the Armenian capital market since 2006, based on the license granted by the Central Bank of Armenia. Thanks to effective management the company managed to achieve remarkable results and stand among leaders in the market. As stated by the management of the both companies, the share transfer deal was considered mutually beneficial in light of the current state of competition and future activity prospects.

According to Armenbrok CEO Aram Kayfajyan, the strategy and business of Capital Investments cjsc will be fully integrated into Armenbrok’s activities. In Mr. Kayfajyan’s words, Armenbrok feels honored and committed to cooperating with the business partners and customers of Capital Investments cjsc. He assures that they will continue to receive personalized prime quality services in all areas.

This page was last updated 18.06.2019 12:49