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Exhibit 8.1

LIST OF SUBSIDIARIES (EXHIBIT)

ENTITY			JURISDICTION OF INCORPORATION			BUSINESS			PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2024			PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2023			PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2022
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria			Colombia			Trust			98.81%			98.81%			98.81%
Banca de Inversión Bancolombia S.A. Corporación Financiera			Colombia			Investment banking			100.00%			100.00%			100.00%
Valores Bancolombia S.A. Comisionista de Bolsa			Colombia			Securities brokerage			100.00%			100.00%			100.00%
Wompi S.A.S.(1)			Colombia			Technology services provider			100.00%			100.00%			99.98%
Renting Colombia S.A.S.			Colombia			Operating leasing			100.00%			100.00%			100.00%
Transportempo S.A.S. “En liquidación”(2)			Colombia			Transportation			-			100.00%			100.00%
Inversiones CFNS S.A.S.(3)			Colombia			Investments			100.00%			99.94%			99.94%
Negocios Digitales Colombia S.A.S.			Colombia			Payment solutions			100.00%			100.00%			100.00%
Fondo de Capital Privado Fondo Inmobiliario Colombia			Colombia			Real estate investment fund			80.47%			80.47%			80.47%
P.A. Inmuebles CEM			Colombia			Mercantile trust			80.47%			80.47%			80.47%
P.A. Calle 92 FIC-11			Colombia			Mercantile trust			52.31%			52.31%			52.31%
P.A. FIC Edificio Corfinsura			Colombia			Mercantile trust			80.47%			80.47%			80.47%
P.A. FIC-A5			Colombia			Mercantile trust			80.47%			80.47%			80.47%
P.A. FIC Inmuebles			Colombia			Mercantile trust			80.47%			80.47%			80.47%
P.A. FIC Clínica de Prado			Colombia			Mercantile trust			62.00%			62.00%			62.00%
P. A. FIC A6			Colombia			Mercantile trust			80.47%			80.47%			80.47%
P.A. Central Point			Colombia			Mercantile trust			60.35%			60.35%			60.35%
Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris(4)			Colombia			Mercantile trust			-			80.47%			80.47%
P.A. Fideicomiso Twins Bay			Colombia			Mercantile trust			80.47%			80.47%			80.47%
Fideicomiso Lote Av San Martín			Colombia			Mercantile trust			80.47%			80.47%			80.47%
P.A. Fideicomiso Lote 30			Colombia			Mercantile trust			80.47%			80.47%			80.47%
Fideicomiso Fondo Inmobiliario Bancolombia			Colombia			Mercantile trust			80.47%			80.47%			80.47%
P.A. Florencia Ferrara(5)			Colombia			Mercantile trust			44.26%			44.26%			44.26%
P.A. Flor Morado Plaza(5)			Colombia			Mercantile trust			80.47%			80.47%			80.47%
P.A. Galería la 33(6)			Colombia			Mercantile trust			80.47%			80.47%			-
P.A Linz Granz del Rio(7)			Colombia			Mercantile trust			44.26%			-			-
Fideicomiso Selecto Terrazu E1(7)			Colombia			Mercantile trust			64.38%			-			-
Valores Simesa S.A.(8)			Colombia			Investments			62.75%			64.93%			66.33%
Fideicomiso Lote Distrito Vera B1B2(8)			Colombia			Mercantile trust			62.44%			64.61%			66.00%
Fideicomiso Lote Distrito Vera B3B4(9)			Colombia			Mercantile trust			-			64.61%			66.00%
Fideicomiso Lote B6 Ciudad del Rio(10)			Colombia			Mercantile trust			-			-			66.00%
P.A. FAI Calle 77(11)			Colombia			Mercantile trust			98.00%			98.00%			98.00%
P.A. Nomad Salitre(12)			Colombia			Mercantile trust			98.00%			98.00%			98.00%

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P.A. Nomad Central-2(13)			Colombia			Mercantile trust			98.00%			98.00%			-
P.A. Calle 84 (2)(13)			Colombia			Mercantile trust			98.00%			98.00%			-
P.A. Calle 84 (3)(13)			Colombia			Mercantile trust			98.00%			98.00%			-
P.A. Nomad Distrito Vera(14)			Colombia			Mercantile trust			98.00%			-			-
P.A Nexo(14)			Colombia			Mercantile trust			98.00%			-			-
P.A. Mercurio(15)			Colombia			Mercantile trust			100.00%			100.00%			100.00%
P.A CEDIS Sodimac(14)			Colombia			Mercantile trust			100.00%			-			-
Wenia S.A.S.(16)			Colombia			Technology services			100.00%			100.00%			100.00%
P.A. Wenia(16)			Colombia			Mercantile trust			100.00%			100.00%			-
Nequi S.A. Compañía de Financiamiento(17)			Colombia			Financial services			100.00%			100.00%			100.00%
Sociedad Beneficiaria BC Panamá S.A.S.(18)			Colombia			Holding			100.00%			-			-
Bancolombia Panamá S.A.			Panama			Banking			100.00%			100.00%			100.00%
Sistemas de Inversiones y Negocios S.A. Sinesa			Panama			Investments			100.00%			100.00%			100.00%
Banagrícola S.A.			Panama			Holding			99.17%			99.17%			99.17%
Banistmo S.A.			Panama			Banking			100.00%			100.00%			100.00%
Banistmo Investment Corporation S.A.			Panama			Trust			100.00%			100.00%			100.00%
Leasing Banistmo S.A.			Panama			Leasing			100.00%			100.00%			100.00%
Valores Banistmo S.A.			Panama			Purchase and sale of securities			100.00%			100.00%			100.00%
Banistmo Panamá Fondos de Inversión S.A.(19)			Panama			Investment fund holder			100.00%			100.00%			100.00%
Banistmo Capital Markets Group Inc.(19)			Panama			Purchase and sale of securities			100.00%			100.00%			100.00%
Anavi Investment Corporation S.A.(19)			Panama			Real estate			100.00%			100.00%			100.00%
Desarrollo de Oriente S.A.(19)			Panama			Real estate			100.00%			100.00%			100.00%
Steens Enterprises S.A.(19)			Panama			Portfolio holder			100.00%			100.00%			100.00%
Ordway Holdings S.A.(19)			Panama			Real estate broker			100.00%			100.00%			100.00%
Grupo Agromercantil Holding S.A.			Panama			Holding			100.00%			100.00%			100.00%
Banco Agromercantil de Guatemala S.A.			Guatemala			Banking			99.68%			99.68%			99.68%
Seguros Agromercantil de Guatemala S.A.			Guatemala			Insurance agency			79.92%			79.92%			79.92%
Financiera Agromercantil S.A.			Guatemala			Financial services			100.00%			100.00%			100.00%
Agrovalores S.A.			Guatemala			Securities brokerage			100.00%			100.00%			100.00%
Arrendadora Agromercantil S.A.			Guatemala			Financial Leasing			100.00%			100.00%			100.00%
Agencia de Seguros y Fianzas Agromercantil S.A.(20)			Guatemala			Insurance agency			-			-			100.00%
Asistencia y Ajustes S.A.			Guatemala			Roadside and medical assistance services			100.00%			100.00%			100.00%
Serproba S.A.			Guatemala			Maintenance and remodeling services			100.00%			100.00%			100.00%
Servicios de Formalización S.A.			Guatemala			Loans formalization			100.00%			100.00%			100.00%
Conserjeria, Mantenimiento y Mensajería S.A. “En liquidación”			Guatemala			Maintenance services			100.00%			100.00%			100.00%
Mercom Bank Ltd.(21)			Barbados			Banking			99.68%			99.68%			99.68%
New Alma Enterprises Ltd.			Bahamas			Investments			99.68%			99.68%			99.68%
Bancolombia Puerto Rico Internacional Inc.			Puerto Rico			Banking			100.00%			100.00%			100.00%
Sinesa Cayman, Inc. (before Bancolombia Cayman S.A)(22)			Cayman Islands			Banking			100.00%			100.00%			100.00%
Banco Agrícola S.A.			El Salvador			Banking			97.36%			97.36%			97.36%

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Arrendadora Financiera S.A. Arfinsa			El Salvador			Leasing			97.37%			97.37%			97.37%
Accelera S.A. de C.V. (before Credibac S.A. de C.V)			El Salvador			Credit card services			97.36%			97.36%			97.36%
Valores Banagrícola S.A. de C.V.			El Salvador			Securities brokerage			98.89%			98.89%			98.89%
Inversiones Financieras Banco Agrícola S.A. IFBA			El Salvador			Holding			98.89%			98.89%			98.89%
Gestora de Fondos de Inversión Banagrícola S.A.			El Salvador			Administers investment funds			98.89%			98.89%			98.89%
Bagrícola Costa Rica S.A.			Costa Rica			Business and management advising			99.17%			99.17%			99.17%
Bancolombia Capital Holdings USA LLC			United States			Holding			100.00%			100.00%			100.00%
Bancolombia Capital Advisers LLC			United States			Investment advisor			100.00%			100.00%			100.00%
Bancolombia Capital LLC			United States			Securities brokerage			100.00%			100.00%			100.00%
Wenia Ltd.(16)			Bermuda			Technology services			100.00%			100.00%			100.00%

(1)During 2022 and 2023, Bancolombia Group through its subsidiary Banca de Inversión S.A., purchased remaining shares from minority investors.

(2)Company liquidated in July 2024. For more information, see Consolidated financial statements, Note 1. Reporting entity.

(3)During 2024, Banca de Inversión Bancolombia S.A acquired shares of Inversiones CFNS S.A.S, therefore Bancolombia Group increased its effective participation percentage.

(4)On February 29, 2024, the trust rights were transferred as a result of the sale by Fondo de Capital Privado Fondo Inmobiliario Colombia.

(5)Companies consolidated by Fondo de Capital Privado Fondo Inmobiliario Colombia since April and December 2022, respectively. The P.A Florencia Ferrara is a subsidiary of Fondo de Capital Privado Fondo Inmobiliario Colombia, which has a 55.00% percentage of ownership. Bancolombia has an effective percentage of ownership in Fondo de Capital Privado Fondo Inmobiliario Colombia of 80.47%.

(6)Company consolidated by Fondo de Capital Privado Fondo Inmobiliario Colombia since March 2023.

(7)The P.A Linz Granz del Rio and Fideicomiso Selecto Terrazu E1 are consolidated through Fondo de Capital Privado Fondo Inmobiliario as of September and December 2024, respectively.

(8)(The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa subsidiary (Parent of the fund) during 2024 and 2023.

(9)During 2024, the trust rights were transferred as a result of the sale by Valores Simesa S.A.

(10)During 2023, the trust rights were transferred as a result of the sale by Valores Simesa S.A.

(11)On March 1, 2022, the Parent Company was established as trustor of P.A FAI Calle 77, owner of a property that will be used for rental housing.

(12)On April 4, 2022, the Parent Company was appointed as trustor of 100% of the trust rights of Patrimonio Autonomo Nomad Salitre, whose main purpose is to develop a Multifamily Project.

(13)During February and April 2023, the parent company was established as trustor of P.A Nomad Central-2, P.A Calle 84 (2) and P.A Calle 84 (3), through a management mercantile trust agreement.

(14)During May, June and November 2024, the parent company was established as trustor of P.A CEDIS Sodimac, P.A Nomad Distrito Vera and P.A Nexo, respectively through a management mercantile trust agreement, for real estate activity purposes.

(15)On July 8, 2022, Bancolombia S.A. acquired control of Fidecomiso P.A. Mercurio, through a management mercantile trust agreement.

(16)On July 22, 2022, Bancolombia Group through the subsidiary, Sistemas de Inversiones y Negocios S.A. SINESA, established the company Wenia LTD in Bermuda, a digital corporate vehicle whose purpose is to provide technology services. On November 22, 2022, Wenia LTD established the company called Wenia S.A.S., whose purpose is the creation and implementation of operating systems and software applications. On May 17, 2023, Wenia S.A.S was established as trustor of the fiduciary rights of P.A Wenia.

(17)On December 14, 2021, the board of directors of the Parent Company authorized the legal separation of the business of Nequi, Bancolombia Group’s digital platform that offers financial services. The Superintendencia Financiera de Colombia, with Resolution 0843 of July 6, 2022, as amended by Resolution 0955 of July 27, 2022, authorized the incorporation of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation supervised by the Superintendencia Financiera de Colombia through which Nequi will operate as a 100% digital credit establishment. For further information, see Consolidated financial statements, Note 1. Reporting entity.

(18)On September 27, 2024, Sociedad Beneficiaria BC Panamá was established, a company whose corporate purpose is to be the beneficiary of the division of a company domiciled in Panama, by virtue of which it partially transfers its assets, as a

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consequence of the above, to be the owner of the assets and liabilities received on the occasion of said operation, and merge with a company domiciled in Colombia. For further information, see Consolidated financial statements, Note 1. Reporting entity.

(19)Investments in non-operational stage.

(20)Company liquidated as of June 2023.

(21)On September 30, 2021, Mercom Bank Ltd shareholder authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank, Ltd., to Banco Agromercantil de Guatemala, S. A. or other companies of the Bancolombia Group. For further information, see Consolidated financial statements, Note 1. Reporting entity.

(22)On October 5, 2020, the Board of Directors of Bancolombia Panamá (parent company of Sinesa Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. For further information, see Consolidated financial statements, Note 1. Reporting entity.