About us


ARMBROK OJSC is an 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, ARMBROK 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 of 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 ARMBROK 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

ARMBROK 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 ARMBROK:
  • Best Exchange Member in Corporate Securities Market (for 2012-2014, and 2016), 
  • Best Exchange Member in Repo/Swap Transactions (for 2018-22),
  • Best Member in Unified System of Securities Registration and Settlement (for 2015-2018, and 2021),
  • Best Account Operator-Registry Keeper of Depository System (for 2014-2018, and 2021),
  • Best Account Operator-Custodian of Depository System in Corporate Securities Market (for 2014-2022),
  • Best Member of Stock Exchange Settlement System (for 2017)
  • Partner with the most significant contribution to the AMX Trader testing process (for 2022).

ARMBROK also holds membership in the American Chamber of Commerce (AmCham), Armenian British Business Chamber (www.abbc.am), and Financial Markets Member Association (Finarm).

Address: 39 Hanrapetutyan St., Yerevan, Armenia

E-mail: [email protected]

Tel:+374 11 590 000

This page was last updated 12.06.2023 19:29
Mission and Valueshttps://www.armbrok.am/about-us/mission-and-values

ARMBROK 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 ARMBROK 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.
ARMBROK brings ideas to your money and creative power to your ideas. The slogan of the company is "Money has no ideas – we do". Our in-depth knowledge of local markets and 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 care for our customers and know the value of their money.


This page was last updated 18.01.2022 18:53

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

ARMBROK 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 18.01.2022 19:57

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 ARMBROK since July 2004.
  • Partner for Capital Markets, Transactions & Strategy in MB Consulting firm since March 2021
  • Supervisory Board member of Inecobank cjsc since September 2020.
  • Founding shareholder and Board member of Glocal Asset Management since 2017.
  • Board member of Ani Holding since 2015.
  • Between December 1999 and July 2004 worked at ARMBROK (then 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.
  • In 2010-2014 delivered lectures 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.


Ashot Minasyan

Partner, Head of Asset Management and Brokerage


  • Partner, Head of Asset Management and Brokerage at Armbrok Investment Company (May 2022 - present)
  • Head of Trading at Alfa Capital, Moscow, Russia (Sep 2019 - Apr 2022)
  • MD, Global Head of Repo & SLBMD at BCS, Moscow, Russia (Aug 2011 - May 2019)
  • MD, Head of Repo at Bank of Moscow, Moscow, Russia (Mar 2010 - Aug 2011)
  • Repo trader at Troika Dialog, Moscow, Russia (Jul 2007 - Mar 2010)


  • 2000 - 2005 Academy of National Economy under the Government of the Russian Federation, Moscow, Russia

Professional Interests 

  • asset management,
  • securities and forex trading, 
  • investments/alternative investments,
  • strategy,
  • business development, 
  • business valuation, 
  • hedging.

Hayk Manaselyan

Head of Internal Audit
  • 2010-2012, 2016 up to date - CEO, Business Kartughar Ltd. 
  • 2008 up to date - Head of Internal Audit department, ARMBROK OJSC
  • 2013 - Assistant at the Chair of Banking and Insurance, ASUE
  • 2004-2008 - Head of Internal Regulations Department, ARMENBROK OJSC
  • 2006-2007 - Vice President of the Regulatory Commission, Armenian Stock
  • 2003-2004 - Head of Internal Audit Department, IT BrokDilTrust Ltd.
  • 2002-2003 - CEO, IT BrokDilTrust  Ltd.
  • 1999-2004 - Department of Financial Accounting, Yerevan State Economic


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


  • Born in 1983.

Araksya Harutyunyan

Deputy CEO
  • 2015 up to date - Deputy CEO, ARMBROK OJSC
  • 2010-2015 - Head of Trading Department, ARMENBROK OJSC
  • 2007-2010 - Economist-Analyst/Broker-Cashier, ARMENBROK OJSC
  • 2006-2007 - Economist-Analyst, ARMENBROK OJSC
  • 2001-2006 - Environmental Economics of the General Economic Faculty,
    Yerevan State Economic Institute
  • Holds CBA qualifications of a leader and a member of the executive body in
    investment companies and a branch of a foreign investment company,
    as well as a deputy executive director.

  • 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


  • Born in 1983.

Samvel Sahakyan

Chief Financial Officer


  • Chief Financial Officer at Armbrok (May 2022 to present)
  • Chief Financial Officer, MMG Gold Limited (2016-2022)
  • Head of Representative Office in Armenia, SEAF Caucasus Growth Fund (2011-2015)
  • Head of Research, Armenbrok ojsc (2007-2011)
  • Financial Research Specialist, FSDP Program (2006-2007)


  • 1999-2004 Armenian State University of Economics majoring in Capital Market
  • 2004-2007 Russian-Armenian University (Postgraduate Studies, PhD)
  • 2008 Swiss Finance Academy (Training in Investment Banking & Corporate Finance)

Additional Qualifications

  • Holds PhD in Economics
  • 2011 Level III CFA Candidate

Lida Tadeosyan

Chief Accountant
  • Chief Accountant, "Armbrok" ojsc (September 2023 to present)
  • Head of Financial Accounting and Reporting Department, "ACBA Bank" ojsc and Chief Accountant, "ACBA Federation" cjsc (2022-2023) 
  • Head of Financial Department / Chief Accountant, "SOS Children's Villages" Armenian Charity Foundation (2020-2022)
  • Auditor, "Credit Corp" Universal Credit Organization (2020-2022)
  • Lecturer, Chamber of Auditors and Expert Accountants of Armenia (2015-2022)
  • Senior Auditor, then Head of Audit of the Financial Insitutions Audit Department, "Grant Thornton" cjsc (2014-2020)
  • Senior Auditor and Accounting Services Manager for Armenian financial and non-financial institutions, "AN Audit" cjsc (2011-2014)
  • Chief Accountant at various Armenian companies (2008-2014).


  • 2018-2020 - Yerevan State University, majoring in Accounting and Audit (Master's degree)
  • 2004-2008 - Yerevan Pedagogical University (Bachelor's degree)

Additional Qualifications

  • Qualification of expert accountant and auditor from the Chamber of Auditors and Expert Accountants of Armenia
  • Student member of the Association of Chartered Certified Accountants (ACCA)
  • Participate in numerous trainings on various accounting and audit related topics.

Professional Memberships

  • Member of Chamber of Auditors and Expert Accountants of Armenia

Public Activities

  • Member of the Control and Audit Commission of the Chamber of Auditors and Expert Accountants of Armenia

Personal Information

  • Born in 1987. 
  • Married with two children.

Alexandr Mironov

Chief Technology Officer


  • Chief Technology Officer at Armbrok Investment Company, Yerevan, Armenia (Mar 2023 - present)
  • Project Manager, Terralink, Moscow, Russia (2022 - 2023)
  • Software Developer, Voentorg OJSC (2021 - 2022)
  • IT Manager, Mosstroytrans Corporation, Moscow, Russia (2019 - 2021)
  • Director, Troika Driver, Moscow, Russia (2017 - 2019)
  • Sector Head, Sber, Moscow, Russia (2014 - 2017)
  • Deputy Head of Depository, Troika Dialog Group, Moscow, Russia (1996 - 2014)


  • Moscow Technical University of Communications and Informatics
Director, Private Clients Sales

Viktor Dolzhenko

Director, Private Clients Sales


  • Individual Sales Manager, Armbrok Investment Company, Yerevan, Armenia (Sep 2022 - present)
  • Director, Credit Suisse, Moscow, Russia (Mar 2021 - Jun 2022)
  • Head Of Sales (Private Clients), BCS Global Markets, Moscow, Russia (Feb 2019 - Mar 2021)
  • Branch Manager, BCS Ultima, Sverdlovsk Region, Russian Federation (Jan 2015 - Jan 2019)
  • Head Of Department, ATON, Moscow, Russia (May 2012 - Nov 2014)
  • Branch Manager, Bank Troika Dialog OJSC, Yekaterinburg, Sverdlovsk, Russia (2003 - 2012)


  • 2003 - 2006 Rostov State Economic University (RINH), PhD.

Elmira Ghalumyan

Head of Depositary
  • 2013 to present - Head of Depositary Services Department, ARMBROK OJSC
  • 2011-2013 - Custodian, ARMENBROK OJSC
  • 2004-2010 - International Relations, YSU


  • Holds qualification of the Union of Banks of Armenia to act as Investment
    Services Providing Individual-Custodian.

  • Holds certificates to provide a full range of services of an account operator
    and the Unified Securities Settlement System (DEPEND) and a member of
    the Regulated Market Accounting System provided by the Central Depository of Armenia OJSC.
  • Custody
  • Registry keeping


  • Born in 1986.


Edgar Aghabekyan

Chief Dealer
  • 2009 to present - Chief Dealer, Armbrok ojsc
  • 2019 up to date - member of Professional Council 014 in Economics, ASUE
  • 2019 up to date - Scientific Council member,  ASUE
  • 2018 up o date - Professor, ASUE
  • 2007 up to date - Assistant lecturer at the Securities Market department,
  • ASUE
  • 2009 - Financial Adviser, ARMENBROK OJSC
  • 2008 - Head of the Operations Department, Private Invest CJSC
  • 2007-2008 - Operations Department Senior Specialist, Private Invest CJSC
  • 2007 - Head of Securities Department, Private Invest CJSC
  • 2007 - Member of Disciplinary Committee, AMX
  • 2006-2007 - Head of Internal Audit Department, Private Invest CJSC
  • 2005-2006 - Securities Dealer, ArmEconomBank OJSC  
  • 1999-2004 - Financial Accounting, Yerevan State Economic Institute
  • Holds a PhD degree in Economics.
  • Holds qualification from Union of Banks of Armenia to act as a dealer in or on behalf of an investment service provider.
  • Executes transactions with securities at own expense and on own behalf
  • Provides services related to the organization of issuance and placement of securities


Born in 1982.

Maria Bulkova

Director, Institutional Clients Sales


  • Institutional Sales Manager at Armbrok Investment Company, Yerevan, Armenia (Sep 2022 - present)
  • Associate, Institutional FICC Sales, Renaissance Capital (Sep 2021 - Jan 2022)
  • Institutional Fixed Income Sales, BCS Global Markets, Moscow, Russia (Oct 2019 - Sep 2021)
  • Equities Sales and Trading Intern, Citi (Feb 2018 - May 2018)
  • Fixed Income Sales and Trading Intern, Credit Suisse (Oct 2016 - Jan 2018)
  • Headstart: Global Markets Intern, Sberbank CIB (Jul 2015 - Aug 2015)



  • The London School of Economics and Political Science (LSE) - Bachelor of Science (BS), Economics and Finance
  • Higher School of Economics - Bachelor of Science (BS), Economics
  • Higher School of Economics - Master of Science - MS, Finance and Credit

Rouzanna Sarkissian

International Projects Manager
  • 2012 up to date- International Projects Manager, ARMBROK
  • 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
  • Holds PhD in 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.
  • Provides foreign customers and potential customers with information on the company's operations and services offered
  • Coordinates the company’s international projects and initiatives


  • Born in 1974.
Karen Isajanyan

Karen Isajanyan

Chief Trader


  • Trading Department Manager, Armbrok Investment Company, Yerevan, Armenia (Oct 2022 - present)
  • Equity Sales Trader, Sinara Investment Bank, Moscow, Russia (May 2021 - Oct 2022)
  • Equity Sales Trader, Bank Otkritie Financial Corporation, Moscow, Russia (Feb 2017 - May 2021)
  • Equity Sales, Rye, Man and Gor Securities (RMG), Moscow, Russian Federation (Jan 2008 - Jan 2016)
  • Equity Sales Trader, Ak Bars Holding, Moscow, Russia (May 2007 - Dec 2007)
  • Wealth Management Advisor, Renaissance Capital, Moscow, Russia (Nov 2006 - Apr 2007)
  • Citigold Executive, Citi, Moscow, Russia (Oct 2005 - Nov 2006)


Moscow State Institute of Radio Engineering, Electronics and Automation (Technical University)



Maxim Biryukov

Head of Research


  • Global Financial Markets Senior Analyst, Armbrok Investment Company, Yerevan, Armenia (Sep 2022 - present)
  • Head of Fixed Income Credit Analysis / Data analytics, Asset management department, Alfa Capital, Moscow, Russia (Jul 2017 - Aug 2022)
  • Deputy director - Mergers and acquisitions, Otkritie, Moscow, Russia (Oct 2013 - Jan 2017)
  • Vice President, Corporate Finance, National Bank Trust (Jun 2008 - Oct 2013)
  • Senior Consultant, Ernst & Young (2007 - 2008)
  • Audit consultant, PwC (2005 - 2007)



  • 2000-2004 State University - Higher School of Economics, Moscow, Russia, Bachelor's degree
This page was last updated 06.06.2013 18:08
Statutory documentshttps://www.armbrok.am/about-us/statutory-documents

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

This page was last updated 07.03.2022 13:56

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

Full name/Company name Type of activity Participation
Aram Kayfajyan    43.07%


This page was last updated 09.01.2024 18:33

On 13 June 2019 ARMBROK investment open joint stock company (as of that date, ARMENBROK OJSC) and Capital Investments closed joint stock company successfully closed the share purchase deal, as result of which ARMBROK has become the sole owner of Capital Investments. 

On 17 January 2020, the acquisition of Capital Investments by ARMBROK was completed, and the former terminated its operations. ARMBROK ojsc has become the successor of all rights and liabilities of Capital Investments cjsc, and will from that date on provide full service to the customers of the acquired company.  

This page was last updated 18.01.2022 23:01
Job Opportunitieshttps://www.armbrok.am/job-opportunities

There are currently no job openings. Check back for updates on this page. 

This page was last updated 14.05.2024 17:59