Delivering world-class expertise in corporate finance, capital markets, strategy & economic analysis.
We help companies, public institutions, and international organizations make investment, financing, and strategic decisions and execute them.
Advisory for complex decisions
MB Consulting is a boutique advisory firm providing independent analysis and advisory across four practices: Corporate Finance, Capital Markets, Strategy, and Economic & Development Studies.
Since 2020, we have served private companies, public institutions, and leading international financial institutions bringing analytical rigour, sector depth, and the speed of delivery that comes with being a focused specialist firm rather than a generalist consultancy.
Our Services
Independent valuation, transaction support, and financial planning for businesses navigating strategic and capital decisions.
Business, Business Interest & Intangible Asset Valuations
Transaction Support
Project Appraisal & Feasibility Studies
Financial Planning and Management
Financial Modeling
ESOP Implementation Advisory
We help clients raise capital, understand market positioning, and maintain investor confidence through independent research, issuance advisory, and continuous post-issuance coverage.
Bond and Equity Issuance Advisory
Equity Research Coverage
Credit Research Coverage
Post-Issuance Compliance
Investment Advisory
We help clients seek and adopt innovative strategies and growth paths for their business that ensure real-world business success.
Corporate Strategy
Strategic Business Planning
Operational Planning
Start-up Growth Advisory
Digital and AI Strategy
Sustainability and ESG Strategy
Economic and financial analysis of infrastructure, policy, and development initiatives for IFIs, government, and public-sector clients.
Infrastructure Projects Cost-Benefit Analysis
Economic Impact Assessment of Policy Implementation
Climate Change, ESG and Green Transition Studies
Climate and Disaster Risk Assessment
FEATURED INSIGHT
Banking Sector Armenia 2025
Published: May, 2026
Note: covered period: 2021-2025, based on audited financial statements.
Five years of transformation. MB Consulting's Annual Banking Sector Review covers the full period 2021–2025 across Armenia's 17 licensed banks, examining asset growth, profitability, capital strength, asset quality, regulatory evolution, and the structural themes shaping the sector's next chapter.
Main KPIs
Key Findings 2021-2025:
Sector assets nearly doubled over five years, rising from AMD 6.8 trillion to AMD 12.8 trillion, with the assets-to-GDP ratio reaching 112% in 2025.
Net profit rose 7x to AMD 418 billion over the period. Median ROE doubled to 15.8%.
Armenian banks have distributed dividends over AMD 408 billion to shareholders since 2021.
Asset quality improved with historic low NPL ratio 1.3% despite rapid loan expansion, and most banks posting net impairment-to-loans below 1%.
Capital buffers strengthened median Capital Adequacy Ratio rose to 20.8%, well above the 11% regulatory minimum.
Three key watch points: loan growth (20%+) outpacing deposits, rising concentration in real estate-correlated credit (55% of loan book), and the transition to AI and digital banking.
M&A activity: Ameriabank acquired by Bank of Georgia Group (Lion Finance Group, LSE: BGEO), Ardshinbank acquired HSBC Armenia, and Proparco took a 10% stake in Acba Bank.
Resilience for Lake Sevan: Leveraging the Economic Value of Ecosystem Services for Strategic Pollution Control Investments in Armenia
Published by Asian Development Bank | December, 2025
We are pleased to share that our work was published as knowledge product at Asian Development Bank publications: “Resilience for Lake Sevan: Leveraging the Economic Value of Ecosystem Services for Strategic Pollution Control Investments in Armenia.”
Valuing Lake Sevan’s ecosystem services at approximately $397 million annually, the publication assesses eutrophication risks, amplified by climate change, and evaluates three wastewater treatment scenarios as critical solutions for preserving both the lake’s tangible and intangible value. We appreciate the strong collaboration and partnership with the Asian Development Bank team in translating economic and environmental analysis into practical, investment-ready priorities for Armenia
RECOGNISED AND PARTNERED WITH
Strategic partner with ROQ Capital (Former Armbrok Investment Company) .
Knowledge product partner with Asian Development Bank.
Pre-qualified service provider for EBRD.
Member of Union of Advanced Technology Enterprises .