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 20 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 NASDAQ OMX ARMENIA stock exchange and the Securities Settlement System (has the status of the Account Operator and is a member of the regulated market settlement system).

  • Best Exchange Member in Corporate Securities Market (for 2012-2014 and 2016), 
  • Best Member in Unified System of Securities Registration and Settlement (for 2015-2017) and Best Account Operator of Depository System (for 2014),
  • Best Account Operator-Registry Keeper of Depository System (for 2015-2017),
  • Best Account Operator-Custodian of Depository System in Corporate Securities Market (for 2014-2017),
  • Best Member of Stock Exchange Settlement System (for 2016).

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

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

E-mail: armenbrok@armenbrok.com

Tel:+374 10 538 700

This page was last updated 22.10.2018 12:40
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 NASDAQ OMX Armenia).
  • 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)
Studied at Yerevan State Economic Institute, department of Financial Accounting (1999-2004).
In 2002 started working at IT BrokDilTrust Ltd. - first as CEO, then as the Head of Internal Audit Department (until 2004).
In 2006-2007 Hayk held the position of the Vice President of the Regulatory Commission at the Armenian Stock Exchange. 
Since September 2010 he has worked at the Yerevan State Economic University as a lecturer. He has been also the CEO of Business Kartughar Ltd. since 2010. 
In 2004 Hayk joined the team of ARMENBROK OJSC as the Head of Internal Regulations Department; later, in 2008, he was appoined as the Head of Internal Audit department.
Hayk holds PhD degree in economics. He participated in several conferences and professional training courses on International Financial Reporting Standards (IFRS) and internal audit, both in Armenia and abroad. 
Holds CBA qualification to act as the head of internal audit department of investment company and foreign investment company branch.


Araksya Harutyunyan

Deputy CEO
Araksya Harutyunyan (born in 1983)
In 2001-2006 studied at the Yerevan State Economic Institute, department of Environmental Economics of the General Economic Faculty.
After graduating from the University, in June 2006 started working at ARMENBROK OJSC as Economist-Analyst (until July 2007), 
then as Economist-Analyst/Broker-Cashier (until October 2010). In 2010 she assumed the position of the Head of Trading Department.
Since July 2015 Araksya has been the Deputy CEO of ARMENBROK OJSC. 
Araksya 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 its behalf or on behalf of the client and at the expense of the client.
  • Executes securities transaction at its expense and on its behalf.
  • Provision of services related to the organisation of issuance and placement of securities.
  • Depositing of securities.

Siranush Khlghatyan

Chief Accountant
Siranush Khlghatyan 
Born in 1977.
In 1994-1999 studied at Yerevan State Economic Institute, department of Financial Accounting. 
Since 1999 she has worked in several financial and non-financial organizations as an Accountant or Chief Accountant.
Since May 2008 till now she has been working at  ARMENBROK OJSC as Chief Accountant.

Edgar Aghabekyan

Senior Dealer
Edgar Aghabekyan (born in 1982).
Studied at Yerevan State Economic Institute, department of Financial Accounting (1999-2004). 
In 2005-2006 worked at ArmEconomBank OJSC as a Securities Dealer, then, until 2008 was employed by Private Invest CJSC - first as the Head of Internal Audit Department, then as the Head of Securities Department. Later he also held the positions of a Senior Specialist and the Head of the Operations Department at the same company. 
Since 2007 Edgar has worked at the State Economic University of Armenia - initially as an assistant lecturer at the Securities Market department, then as a professor.
Edgar has been a part of ARMENBROK OJSC team since February 2009 - first in the capacity of Financial Advisor, then as the Chief Dealer.
Holds a PhD degree in economics.
  • Executes securities transaction at its expense and on its behalf,
  • Provision of services related to the organisation of issuance and placement of securities.

Elen Ghazaryan

Elen Ghazaryan (born in 1991)
In 2007-2011 studied at the Yerevan State Economic Institute, department of Finance. In 2013 completed her master courses and obtained an MA degree in 2013. 
Started working at ARMENBROK OJSC as Analysit in January 2012, then, in May 2012 was appointed as Custodian.
Since November 2017 has held the position of Dealer at ARMENBROK OJSC.
  • Executes securities transaction at its expense and on its behalf,
  • Provision of services related to the organisation of issuance and placement of securities.

Andranik Gzoghyan

Head Of Research

Andranik Gzoghyan
CFA charterholder with 6 years of experience in buy-side research and commercial banking. Before joining Armenbrok in 2018, Andranik was with LINKS Analytics, where he was responsible for valuation of more than 60 asset classes, covering US, EU, Asia, and LatAm regions. Andranik holds BS and MS degrees in Economics from Yerevan State University, and a Professional MBA degree from American University of Armenia.   
Head of Research at Armenbrok since 2018
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


•Consultation to clients regarding the investments in securities.

•Development and dissemination of researches, financial analyses and other general investment proposals related to securities transactions.


Vardan Yesayan

General Counsel

Vardan Yesayan (born 1993)
Works as general counsel in Armenbrok since January 2018.
Worked as investment and export promotion expert in Development Foundation of Armenia in 2016-2017.
Worked as lawyer in Ucom in 2015-2016.
Worked as legal intern in MM Legal Outsource and TK & Partners in 2014-2015.

Doing PhD in National Academy of Sciences of the Republic of Armenia since 2016.
Studied LL.M in Armerican University of Armenia in 2014-2016.
Studied in faculty of arts and humanities of University of Toronto in 2010-2014.
Studied International Baccalaureate in Regents School in 2008-2010.

Rouzanna Sarkissian

International Projects Manager
Rouzanna Sarkissian (born 1974)
In 1991-1996 studied at and graduated from the Yerevan State Institute of Economics.
Between 1994 and 2003 worked in various capacities in the Armenian banking sector.
In 2003-2006 held the position of Communications and External Relations Officer at the Armenian Stock Exchange. 
In 2006-2008 was involved in USAID-funded projects; then, in 2008-2010 was employed as the Head of Marketing and Communications for NASDAQ OMX Armenia stock exchange and the central depository. In 2010-2011 worked as Advisor to CEO of International Business Center JV cjsc.
In August 2012 joined ARMENBROK in the capacity of International Projects Manager. 
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. Attended training courses and international workshops in Armenia and abroad. Holds PhD in Economics.
  • provide foreign customers and potential customers with information on the companies operations and services offered,
  • coordinate the company’s international projects and initiatives.

Elmira Ghalumyan

Head of Registry Department
Elmira Ghalumyan
Born in 1986.
From 2004-2010 studied at Yerevan State University faculty of International Relations.
From June 2011 to April 2013 worked at Armenbrok as custodian. From April 2013 to present Head of registry department.
  • Custody
  • Registry keeping.


Milena Ghayfajyan


Milena Ghayfajyan
Born in 1992 in Yerevan.
From 2009-2015 studied at ASUE, Department of Finance.
In 2013-2016, Milena worked at the Operations Department of Inecobank CJSC.
Since February 2018, she has held the position of Custodian at Armenbrok.
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. In 2013-2017 she studied at the Finance Department of the Armenian State Economic University; she currently holds a Master's degree in finance.
In 2017-2018, worked as a consumer crediting agent at Unibank OJSC.
From January 2018 to May 2018, worked as an accountant-cashier at Araratbank.
From June 2018 has been employed as a Custodian by Armenbrok.
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.
From 2012 to 2016 studied at ASUE, Department of Finance. In 2018 she obtained her Master degree of Finance at ASUE.
In 2015 -2017 Nune worked at AMBERD research center as a researcher.
In 2016-2017 Nune worked at the group of supporting securities transactions of VTB Armenia Bank CJSC.
From December 2017 to June 2018, worked at Armenbrok as a researcher and then, to date, has held the position of Accountant.
Nune 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. 
In 2009-13, she studued at the Yerevan State Linguistic University after V.Bryusov, Department of Linguistics and Intercultural Communication. 
In 2015, she obtained her Master's degree from the Finance Department of the Yerevan State Economic University.
Since October 2015, Christine has been working at Armenbrok as Executive Associate. 

Samvel Darbinyan

Technical Office Supporter
Samvel Darbinyan  
Born in 1987. 
In 2005 graduated the Security Service Collage and in 2010 he graduated the Yerevan State Industrial Collage.
In 2008-2010 worked at Armobile as a security officer. 
Since 2010 till now Samvel has been working at ARMENBROK OJSC as Technical Office Supporter.  
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    43.38%
Ashot Chagharyan    10.11%

ARMENBROK OJSC does not have any daughter company.

This page was last updated 19.02.2018 15:08