Exhibit 8.1
LIST OF SUBSIDIARIES (EXHIBIT)
| Entity | Jurisdiction of Incorporation | Business | Shareholding Directly And Indirectly 2019 | Shareholding Directly And Indirectly 2018 | Shareholding Directly And Indirectly 2017 |
| 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% |
| Renting Colombia S.A.S. | Colombia | Operating leasing | 100.00% | 100.00% | 100.00% |
| Transportempo S.A.S. | Colombia | Transportation | 100.00% | 100.00% | 100.00% |
| Valores Simesa S.A. | Colombia | Investments | 67.11% | 67.73% | 68.57% |
| Inversiones CFNS S.A.S. | Colombia | Investments | 99.94% | 99.94% | 99.94% |
| Pasarela Colombia S.A.S. (Before BIBA Inmobiliaria S.A.S.) | Colombia | Real estate broker | 100.00% | 100.00% | 100.00% |
| Fondo de Capital Privado Fondo Inmobiliario Colombia. (The Bank's shareholding decreased during 2018 and 2019. However, It is defined as a Subsidiary, given the significant control and influence over the PA. Management Board is responsible for appointing the management staff and the employees of the PA are part of the Fiduciaria Bancolombia.) | Colombia | Real estate broker | 49.96% | 51.29% | 63.47% |
| Fideicomiso "Lote Abelardo Castro". | Colombia | Mercantil trust | 66.77% | 67.39% | 68.23% |
| Fideicomiso Lote Distrito Vera B1B2 (Investment effected in 2019) | Colombia | Mercantil trust | 66.77% | - | - |
| Fideicomiso Lote Distrito Vera B3B4 (Investment effected in 2019) | Colombia | Mercantil trust | 66.77% | - | - |
| 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 | Investments | 99.17% | 99.16% | 99.16% |
| Banistmo S.A. | Panama | Banking | 100.00% | 100.00% | 100.00% |
| Banistmo Investment Corporation S.A. | Panama | Trust | 100.00% | 100.00% | 100.00% |
| Financomer S.A. | Panama | Financial services | 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 Fondo de Inversión S.A. (Before Suvalor Panamá Fondos de Inversión S.A.) | Panama | Holding | 100.00% | 100.00% | 100.00% |
| Fondo Renta Fija Valor, S.A. (Before Suvalor Renta Fija Internacional Largo Plazo S.A. Investment; This company not consolidated during 2019 because it does not meet control requirements) | Panama | Investment fund |
- | 100.00% | 100.00% |
| Suvalor Renta Fija Internacional Corto Plazo S.A. | Panama | Collective investment fund | 100.00% | 100.00% | 100.00% |
| Suvalor Renta Variable Colombia,S.A. (Investment consolidated by Banistmo during 2019) | Panama | Collective investment fund | 100.00% | - | - |
| Banistmo Capital Markets Group Inc.(Non-operational stage) | Panama | Purchase and sale of securities | 100.00% | 100.00% | 100.00% |
| Anavi Investment Corporation S.A. (Non-operational stage) | Panama | Real estate broker | 100.00% | 100.00% | 100.00% |
| Desarrollo de Oriente S.A. (Non-operational stage) | Panama | Real estate broker | 100.00% | 100.00% | 100.00% |
| Steens Enterpresies S.A. (Non-operational stage) | Panama | Portfolio holder | 100.00% | 100.00% | 100.00% |
| Ordway Holdings S.A. (Non-operational stage) | Panama | Real estate broker | 100.00% | 100.00% | 100.00% |
| Van Dyke Overseas Corp. (Investment liquidated during 2018) | Panama | Real estate broker | - | - | 100.00% |
| Inmobiliaria Bickford S.A. (Investment liquidated during 2018) | Panama | Real estate broker | - | - | 100.00% |
| Williamsburg International Corp. (Investment liquidated during 2018) | Panama | Real estate broker | - | - | 100.00% |
| Grupo Agromercantil Holding S.A. | Panama | Holding | 60.00% | 60.00% | 60.00% |
| Banco Agrícola S.A. | El Salvador | Banking | 97.36% | 97.36% | 97.36% |
| Arrendadora Financiera S.A. Arfinsa | El Salvador | Leasing | 97.37% | 97.37% | 97.37% |
| 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 | Investments | 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% |
| Arrendamiento Operativo CIB S.A.C.(Investment sold during 2019) | Peru | Operating leasing | - | 100.00% | 100.00% |
| FiduPerú S.A. Sociedad Fiduciaria (Investment sold during 2019) | Peru | Trust | - | 98.81% | 98.81% |
| Fondo de Inversión en Arrendamiento Operativo - Renting Perú (Investment liquidated during 2018) | Peru | Car Rental | - | - | 100.00% |
| Capital Investments SAFI S.A. (Investment liquidated during 2018) | Peru | Trust | - | - | 100.00% |
| Leasing Perú S.A. (Investment liquidated during 2018) | Peru | Leasing | - | - | 100.00% |
| Banagrícola Guatemala S.A. (Investment liquidated during 2018) | Guatemala | Outsourcing | - | - | 99.16% |
| Banco Agromercantil de Guatemala S.A. | Guatemala | Banking | 60.00% | 60.00% | 60.00% |
| Seguros Agromercantil de Guatemala S.A. | Guatemala | Insurance company | 59.17% | 59.17% | 59.17% |
| Financiera Agromercantil S.A. | Guatemala | Financial services | 60.00% | 60.00% | 60.00% |
| Agrovalores S.A. | Guatemala | Securities brokerage | 60.00% | 60.00% | 60.00% |
| Tarjeta Agromercantil S.A.(Investment liquidated during 2018) | Guatemala | Credit Card | - | - | 60.00% |
| Arrendadora Agromercantil S.A. | Guatemala | Operating Leasing | 60.00% | 60.00% | 60.00% |
| Agencia de Seguros y Fianzas Agromercantil S.A. | Guatemala | Insurance company | 60.00% | 60.00% | 60.00% |
| Asistencia y Ajustes S.A. | Guatemala | Services | 60.00% | 60.00% | 60.00% |
| Serproba S.A. | Guatemala | Maintenance and remodelling services | 60.00% | 60.00% | 60.00% |
| Servicios de Formalización S.A. | Guatemala | Loans formalization | 60.00% | 60.00% | 60.00% |
| Conserjeria, Mantenimiento y Mensajería S.A. | Guatemala | Maintenance services | 60.00% | 60.00% | 60.00% |
| Media Plus S.A.(Investment liquidated during 2018) | Guatemala | Advertising and marketing | - | - | 60.00% |
| Mercom Bank Ltd. | Barbados | Banking | 60.00% | 60.00% | 60.00% |
| New Alma Enterprises Ltd. | Bahamas | Investments | 60.00% | 60.00% | 60.00% |
| Bancolombia Puerto Rico Internacional Inc. | Puerto Rico | Banking | 100.00% | 100.00% | 100.00% |
| Bancolombia Caymán S.A. | Cayman Islands | Banking | 100.00% | 100.00% | 100.00% |
| Bagrícola Costa Rica S.A. | Costa Rica | Outsourcing | 99.17% | 99.16% | 99.16% |