Manfred Schmoelz, the former Asia-Pacific head of transaction services at RBS, is to become executive vice-president/CEO Asia-Pacific of The Warranty Group, The Asset has learned. Effective December 22, he will also be part of the company's global executive board. He will be based in Singapore.

The Warranty Group provides underwriting, administration and marketing services that underpin extended warranty programs in the automobile, consumer goods and travel industries. Headquartered in Chicago, the company was a division of Aon Corporation, the insurance broker, until it was acquired by Canadian conglomerate Onex in 2006. It reported net earnings of US$114 million in 2013, according to filings made by Onex.

Schmoelz' departure from RBS became known in September when the bank announced the promotion of Rohit Sawhney to Asia-Pacific head of transaction services. Sawhney previously oversaw RBS' transaction services business in Asia for financial institutions.

Schmoelz had joined RBS in 2011 from Deutsche Bank, where his latest role had been that of chief country officer for the bank in Thailand.