Exhibit 8.1
Subsidiaries of the Company
| Subsidiary | Jurisdiction of Incorporation | Principal Activity |
|
BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión
|
Republic of Argentina | Mutual funds |
|
BBVA Francés Valores S.A.
|
Republic of Argentina | Stock exchange brokerage |
|
Consolidar AFJP S.A. (undergoing liquidation proceedings)
|
Republic of Argentina | Pension and retirement fund administrators |