Exhibit 8.1.
List of Bancolombia’s subsidiaries as of December 31, 2009.
| Entity | Jurisdiction of Incorporation | Business | Shareholding directly and indirectly | |||||
| Leasing Bancolombia S.A. Compañía de Financiamiento | Colombia | Leasing | 100 | % | ||||
| Leasing Perú S.A | Perú | Leasing | 100 | % | ||||
| Fiduciaria Bancolombia S.A. Sociedad Fiduciaria. | Colombia | Trust | 98.81 | % | ||||
| Fiduciaria GBC S.A. | Peru | Trust | 98.82 | % | ||||
| Bancolombia Panamá S.A. | Panama | Banking | 100 | % | ||||
| Bancolombia Caymán S.A. | Cayman Islands | Banking | 100 | % | ||||
| Sistema de Inversiones y Negocios S.A. Sinesa | Panama | Investments | 100 | % | ||||
| Sinesa Holding Company Ltda. | British Virgin Islands | Investments | 100 | % | ||||
| Future Net S.A | Panama | E-commerce | 100 | % | ||||
| Banca de Inversión Bancolombia S.A. Corporación Financiera | Colombia | Investment Banking | 100 | % | ||||
| Inmobiliaria Bancol S.A. | Colombia | Real estate broker | 99.03 | % | ||||
| Valores Simesa S.A. | Colombia | Investments | 69.66 | % | ||||
| Todo 1 Colombia S.A. | Colombia | E-commerce | 89.92 | % | ||||
| Compañía de Financiamiento Sufinanciamiento S.A | Colombia | Financial services | 99.99 | % | ||||
| Renting Colombia S.A. | Colombia | Operating leasing | 80.50 | % | ||||
| Entity | Jurisdiction of Incorporation | Business | Shareholding directly and indirectly | |||||
| Renting Perú S.A.C. | Peru | Operating leasing | 80.60 | % | ||||
| RC Rent a Car S.A.S | Colombia | Car Rental | 80.50 | % | ||||
| Capital Investments SAFI S.A. | Peru | Trust | 80.60 | % | ||||
| Fondo de Inversión en Arrendamiento Operativo Renting Perú | Peru | Car Rental | 80.60 | % | ||||
| Transportempo S.A.S | Colombia | Transportation | 80.50 | % | ||||
| Suleasing Internacional USA Inc | USA | Leasing | 100 | % | ||||
| Inversiones CFNS Ltda. | Colombia | Investments | 100 | % | ||||
| Valores Bancolombia S.A. Comisionista de Bolsa | Colombia | Securities brokerage | 100 | % | ||||
| Valores Bancolombia Panamá S.A. | Panama | Securities brokerage | 100 | % | ||||
| Suvalor Panamá Fondo de Inversión S.A. | Panama | Holding | 100 | % | ||||
| Bancolombia Puerto Rico Internacional, Inc | Puerto Rico | Banking | 100 | % | ||||
| Inversiones Valores y Logística S.A. “En Liquidación” | Colombia | Investments | 98.25 | % | ||||
| Factoring Bancolombia S.A. Compañía de Financiamiento | Colombia | Financial services | 100 | % | ||||
| Patrimonio Autónomo CV Sufinanciamiento | Colombia | Loan management | 100 | % | ||||
| Banagrícola S.A. | Panama | Investments | 99.16 | % | ||||
| Banco Agrícola Panamá S.A. | Panama | Banking | 99.16 | % | ||||
| Inversiones Financieras Banco Agrícola S.A. IFBA | El Salvador | Investments | 98.87 | % | ||||
| Banco Agrícola S.A. | El Salvador | Banking | 97.28 | % | ||||
| Arrendadora Financiera S.A. Arfinsa | El Salvador | Leasing | 97.29 | % | ||||
| Credibac S.A. de CV | El Salvador | Credit card services | 97.28 | % | ||||
| Bursabac S.A. de CV | El Salvador | Securities brokerage | 98.87 | % | ||||
| AFP Crecer S.A. | El Salvador | Pension fund | 98.96 | % | ||||
| Asesuisa S.A. | El Salvador | Insurance company | 96.07 | % | ||||
| Asesuisa Vida S.A. | El Salvador | Insurance company | 96.07 | % | ||||