Led by innovative deals from development banks, Kazakh bond markets are enjoying a dynamic spell, but pension reform casts uncertainty over the equity markets.

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.