KYC Print Page 7 of 35 Further Describe Source of Wealth /Detail the history of wealth for each of the sources' (e.g. For trusts. how did settlor accumulate wealth? For inheritance, how did family accumulate wealth?For businessowners. how long in business, how many employees, level of profitability? Indicate type of business, countries of major activities. important business partners.) Mr. Belmont created Corporation Yanbal International, a cosmetics company in Latin America that follows Avon business model in 1967. Mr. Belmont created a fortune through the company's success in the region. Mr. Fernando Belmont earned a Bachelor's of Ms degree at the University of North Carolina In Chapel Hill. After graduating, his father, who owned a different cosmetics company in Peru, helped him found Yanbal by providing the initial capital necessary when the company was created over 30 years ago in Peru. The company's webtde is: www.yanbal.com. Since then, the company has grown tremendously holding the second position of market share in this sector after Ebel Limited. which is owned by his brother Eduardo Belmont (also a client of the bank). Unfortunately, due to the competition between their companies. the relationship between the two brothers has suffered and today is not a good one. Yanbal uses a very grassroots approach to grow its business. Individuals can become sales persons of Yanbal by simply ordering their cosmetics and then selling them In their neighborhoods. Individuals can grow In the company by adding other people to their 'team." thus receiving commission on their sales as well as those of the team they manage. This approach has allowed the company to grow into a common household name in Latin America like other well-known as brands such as L'Oreal, Avon and Revlon. Today the company remains privately owned. Mr. Belmont is married to Marion Dauelsberg de Belmont, originally from Germany but has lived in Peru for many years. They have two childr