Kotak Mahindra, the Indian conglomerate, announced two senior leadership changes in its international and asset management businesses.

Gaurang Shah, president of asset management and life insurance businesses, will take on additional responsibility for overseeing various businesses of the Kotak Group outside India. He has spent the last 15 years with the firm.

The international subsidiaries of Kotak Mahindra Bank manage a range of India investment funds through which overseas investors can invest in India. This move will help integrate the domestic and international asset management activities, said the firm in a statement.

Paul Parambi, currently head of international business, will move to become head of group strategy. Parambi takes over from TV Raghunath and will drive organic and inorganic business growth strategy for the group. He has been with Kotak Mahindra group since 1991 and with the international business since 1995. Raghunath's next step is as yet unconfirmed.

Kotak Mahindra has a consolidated net worth of Rs 12,901 crore ($ 2.5 billion) as on March 31, 2012. It offers commercial banking, stock broking, mutual funds, life insurance and investment banking.