Exhibit 8.1
LIST OF SUBSIDIARIES (EXHIBIT)
| Entity | Jurisdiction of Incorporation | Business | Shareholding Directly and Indirectly 2017 |
Shareholding Directly and Indirectly 2016 |
Shareholding Directly and Indirectly 2015 |
| Leasing Bancolombia S.A. Compañía de Financiamiento (Investment absorbed by Bancolombia S.A. during 2016) |
Colombia | Leasing | - | - | 100.00% |
| 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% |
| Compañía de Financiamiento Tuya S.A. (During 2016, the Bank sold 50% of the shares of the Compañía de Financiamiento Tuya S.A. to Grupo Exito, therefore it became a joint venture of Grupo Bancolombia) | Colombia | Financial services | - | - | 99.99% |
| Renting Colombia S.A.S. (Before Renting Colombia S.A.) | 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 | 68.57% | 68.57% | 68.57% |
| Inversiones CFNS S.A.S. | Colombia | Investments | 99.94% | 99.94% | 99.94% |
| BIBA Inmobiliaria S.A.S. | Colombia | Real estate broker | 100.00% | 100.00% | 100.00% |
| Vivayco S.A.S. (Investment liquidated by Inversiones CFNS S.A.S. during 2016) | Colombia | Portfolio Purchase | - | - | 74.95% |
| FCP Fondo Colombia Inmobiliario. | Colombia | Real estate broker | 63.47% | 62.55% | 50.21% |
| Patrimonio Autonomo Cartera LBC. (Investment liquidated as result of the merger between Bancolombia S.A. and Leasing Bancolombia during 2016.) | Colombia | Loan management | - | - | 100.00% |
| Prosicol S.A.S. (Investment sold by Valores Simesa S.A. during 2017) | Colombia | Pre-operating stage | - | 68.57% | 68.57% |
| Fideicomiso "Lote Abelardo Castro". | Colombia | Mercantil trust | 68.23% | 68.23% | 68.23% |
| Bancolombia Panamá S.A. | Panama | Banking | 100.00% | 100.00% | 100.00% |
| Valores Bancolombia Panamá S.A. (Investment initially acquired by Banistmo S.A. and subsequently merged with Valores Banistmo S.A during 2016) | Panama | Securities brokerage | - | - | 100.00% |
| Sistemas de Inversiones y Negocios S.A. Sinesa | Panama | Investments | 100.00% | 100.00% | 100.00% |
| Banagrícola S.A. | Panama | Holding | 99.16% | 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% |
| Entity | Jurisdiction of Incorporation | Business | Shareholding Directly and Indirectly 2017 |
Shareholding Directly and Indirectly 2016 |
Shareholding Directly and Indirectly 2015 |
| 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% | |
| Suvalor Panamá Fondos de Inversión S.A. | Panama | Holding | 100.00% | 100.00% | 100.00% |
| Suvalor Renta Fija Internacional Largo Plazo S.A. | Panama | Collective investment fund | 100.00% | 100.00% | 100.00% |
| Suvalor Renta Fija Internacional Corto Plazo S.A. | Panama | Collective investment fund | 100.00% | 100.00% | 100.00% |
| Financiera Flash S.A. (Investment absorbed by Financomer S.A. during 2016) | Panama | Financial services | - | - | 100.00% |
| Grupo Financomer S.A. (Investment absorbed by Financomer S.A. during 2016) | Panama | Financial services | - | - | 100.00% |
| Securities Banistmo S.A. (Investment absorbed by Valores Banistmo S.A. during 2016) | Panama | Purchase and sale of securities | - | - | 100.00% |
| Banistmo Asset Management Inc. (Investment absorbed by Banistmo Capital Markets Group, Inc. during 2017) | Panama | Purchase and sale of securities | - | 100.00% | 100.00% |
| Banistmo Capital Markets Group Inc. (non-operational stage) | Panama | Purchase and sale of securities | 100.00% | 100.00% | 100.00% |
| Van Dyke Overseas Corp. (non-operational stage) | Panama | Real estate broker | 100.00% | 100.00% | 100.00% |
| Inmobiliaria Bickford S.A. (non-operational stage) | Panama | Real estate broker | 100.00% | 100.00% | 100.00% |
| Williamsburg International Corp. (non-operational stage) | Panama | Real estate broker | 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% |
| 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% | 97.36% | 97.36% |
| 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 Banagricola S.A. | El Salvador | Administers investment funds | 98.89% | 98.89% |
| Entity | Jurisdiction of Incorporation | Business | Shareholding Directly and Indirectly 2017 |
Shareholding Directly and Indirectly 2016 |
Shareholding Directly and Indirectly 2015 |
| Arrendamiento Operativo CIB S.A.C. (Investment classified as assets held for sale) | Peru | Operating leasing | 100.00% | 100.00% | 100.00% |
| Fondo de Inversión en Arrendamiento Operativo - Renting Perú (In liquidation) | Peru | Operating leasing | 100.00% | 100.00% | 100.00% |
| Capital Investments SAFI S.A. (Investment classified as assets held for sale) | Peru | Trust | 100.00% | 100.00% | 100.00% |
| FiduPerú S.A. Sociedad Fiduciaria (Investment classified as assets held for sale) | Peru | Trust | 98.81% | 98.81% | 98.81% |
| Leasing Perú S.A. (In liquidation) | Peru | Leasing | 100.00% | 100.00% | 100.00% |
| Banagrícola Guatemala S.A. | Guatemala | Outsourcing | 99.16% | 99.16% | 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 by GAH S.A. during 2017) | Guatemala | Credit Card | - | 60.00% | 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. | Guatemala | Advertising and marketing | 60.00% | 60.00% | 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 | 99.16% | 99.16% | 99.16% |