The Deals of the Year winners from Europe.

Mobile money, including banking and payments, is encroaching into the everyday life of the consumer. Monetising the business is still proving difficult, but thanks to the abundance of products available already, tangible business models are slowly emerging.

Growth rates and returns on consumer lending in Russia are remarkable, but the market demands increasing levels of sophistication to ensure success.

The Bulgarian banking sector has not needed government assistance in the wake of the financial crisis, but its slow growth rates and high non-performing loans do not make an inspiring combination.

The management quality of Ukrainian banks is gradually improving, but they continue to face difficulties from legal and political uncertainty, with some foreign-owned banks already giving up the struggle.

The European Central Bank has helped assuage fears of an imminent eurozone breakup, but sovereign, supranational and agency debt management officials must still contend with ratings downgrades and difficult political and fiscal situations in a number of countries. The Banker hears from a range of EU issuers both inside and outside the eurozone.

As the political stand-off in Georgia between the new prime minister and president shows no sign of abating, the country’s economy is showing resilience and its banks are eyeing opportunities to strengthen growth by tapping into the country's unbanked population.